The overall energy consumption of the Bitcoin (BTC) network dropped drastically after mimicking the two-week decline in the mining hash rate, which reduced the mining shuttle capacity of the BTC blocks to 199,225 exhahash per second (EH / s).
According to data shared by the Cambridge Center for Alternative Finance, Bitcoin’s network recorded the lowest energy demand in 2022 at 10.65 gigawatts (GW). At peak times, the BTC network required 16.09 GW of capacity.
Energy demand of the Bitcoin network in 2018-2022. Source: ccaf.io
On 16 June, the Cointelegraph report published how the banking sector uses 56 times more energy than the Bitcoin ecosystem. In an exclusive interview, Michel Khazzaka, an IT engineer, cryptographer and consultant, said:
“Bitcoin Lightning and Bitcoin in general are really great and very efficient technological solutions that deserve widespread use. This invention is ingenious enough, effective enough and powerful enough to be used en masse.
The sharp decrease in Bitcoin’s energy requirements can be attributed to a decrease in the hash rate. The mining hash rate is a key safety measure, the computing power that BTC miners need to successfully mine a block.
Bitcoin hash rate chart for 2022. Source: blockchain.com
The severity of Bitcoin mining reached an all-time high of 231,428 EH / s on 13 June, followed by a decline of over -13.9% in two weeks. The latest distribution of the hash rate distribution shows that F2Pool and AntPool are the largest known miners, both mining 81 and 80 blocks, respectively, in the last four days.
Related: Scientists claim to have created a fully decentralized stable coin connected to electricity
A group of researchers developed a stable coin class called Electricity Stablecoin (E-Stablecoin) under federal funding, which would transmit energy as a form of information.
As Cointelegraph explained, E-Stablecoin would be minted with one kilowatt-hour of electricity input, plus a charge that could then be used for transactions in the same way as any stable coin.