Surge in Bitcoin energy consumption sparks debate in crypto community
Bitcoin energy consumption has been at its highest historical levels since late 2020, according to Digiconomist’s Bitcoin Energy Consumption Index. The recent surge of Bitcoin (BTC) price has driven notable growth in the amount of electricity consumed by Bitcoin miners, spurring another wave of argument in the community over the ecology of the seminal cryptocurrency.According to the latest data from Digiconomist’s Bitcoin Energy Consumption Index, Bitcoin energy consumption has been at its highest historical levels since late 2020, with the estimated annual consumption level staying above....
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Bitcoin’s energy consumption and its dependency on climate-damaging fossil fuels has raised debates from both inside and outside the blockchain community. As the nonfungible tokens craze took off at the start of the year, many climate-conscious artists vocalized their disapproval of Ethereum’s energy consumption. In May, Elon Musk then derailed Bitcoin (BTC), citing the energy consumed by Bitcoin as cause for Tesla to withdraw its plans to accept BTC as payment for its electric cars. Both of these events have provoked a surge of debate from inside and outside the blockchain community. In....
There is no denying the fact that mining cryptocurrencies and processing decentralized transactions demand large amounts of energy. As per the Bitcoin Energy Consumption Index, the total energy consumption of the Bitcoin network tops 131.12 TWh – that’s almost equal to the total power consumption of Argentina. Experts claim that the energy consumption and electronic […]
Before the Merge upgrade, in 2022, the energy consumption of Ethereum ranged between 46.31 terawatt hour (TWh) per year to 93.98 TWh per year. The Merge, which is considered one of the most significant blockchain upgrades on Ethereum (ETH) to date, brought down the network’s energy consumption by 99.9% immediately.On Sept. 15, the Ethereum blockchain migrated from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism in an effort to transition into a green blockchain. What followed was an immediate and steep drop in total energy consumption of the Ethereum network.The Ethereum....
Marty Bent will be sharing his big-picture perspective on Bitcoin and the energy consumption debate during the Bitcoin 2021 event.
One major argument against Bitcoin is the amount of energy used in mining new blocks. Regulators have gone all out to curb the proof-of-work blockchain’s energy consumption and reduce its environmental impact. However, the latest findings show that Bitcoin mining energy usage only accounts for a small portion of the world’s energy production. The Bitcoin […]