At its height, the BTC network used 16.09 GW of electricity.
Banks accounted for 56 times higher energy use than the Bitcoin ecosystem on June 16.
In response to the two-week decline in the mining hash rate, the total power consumption of the Bitcoin (BTC) network dropped dramatically, resulting in a commuting power of 199.225 exahash per second (EH/s).
A mere 10.65 gigawatts of electricity was utilized by the Bitcoin network in 2022, according to research provided by the Cambridge Centre for Alternative Finance. At its height, the BTC network used 16.09 GW of electricity.
Direct Correlation: Mining Hash Rate and Power Consumption
Banks accounted for 56 times higher energy use than the Bitcoin ecosystem on June 16. Because Bitcoin’s hash rate has suddenly decreased, its power consumption has also decreased. The mining hash rate is a fundamental security indicator, indicating the amount of computational power needed for BTC miners to mine a new block successfully.
On June 13, Bitcoin’s mining difficulty peaked at 231.428 EH/s before plummeting by over 13.9 percent over the next two weeks. As of today, F2Pool is the largest known miner, with 81 blocks mined in the previous four days. AntPool is in second place with 80 blocks mined.
After a series of significant transactions earlier this month, the world’s largest non-exchange Bitcoin whale currently has over $2 billion in BTC. In a series of transactions since June 14, BitInfoCharts reports that the whale has added 2,554 Bitcoin to its holdings.
The whale acquired 1,698 BTC worth $36.62 million between June 14 and 18. It has since amassed 856 BTC worth $17.35 million. According to CMC, the Bitcoin price today is $21,054.01 USD with a 24-hour trading volume of $19,667,666,076 USD. Bitcoin is up 0.86% in the last 24 hours.