Bitcoin

Drops

Bitcoin mining's <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> consumption has decreased by 24% since the end of July 2024, falling from 152.52 TWh to 115.21 TWh, according to Digiconomist. This significant reduction is renewing discussions around Bitcoin’s sustainability, with advocates pointing to this decline as evidence of the cryptocurrency's potential to align with environmental goals, according to <a href="https://www.cryptopolitan.com/bitcoins-electricity-consumption-has-falls/" rel="noopener noreferrer nofollow">Cryptopolitan</a>.
The reduction in energy consumption may be partly due to Bitcoin miners adopting more sustainable practices, including a shift towards hydro-powered mining. Ethiopia, for instance, has emerged as a potential new hub for Bitcoin mining, following the Grand Ethiopian Renaissance Dam’s completion. Reports indicate that 21 BTC <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a> have entered agreements to utilize the country's affordable and abundant renewable energy.
This drop in energy use is a positive development for Bitcoin, which has faced criticism from environmentalists due to its high energy consumption and carbon footprint. However, new findings from KPMG challenge the notion that Bitcoin is inherently harmful to the environment, stating that BTC mining contributes less to greenhouse gas emissions than the electricity <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> it uses. Additionally, Bitcoin mining is responsible for only 0.55% of global power demand.
While some suggest that Bitcoin should follow Ethereum’s lead and shift to a less energy-intensive Proof of Stake (PoS) consensus mechanism, this idea faces resistance from Bitcoin purists. Nonetheless, the Bitcoin community continues to explore ways to improve energy efficiency and reduce environmental impact, with initiatives like the Bitcoin Council promoting sustainable mining practices.&nbsp;

Bitcoin’s Electricity Consumption Drops 24% Amid Growing Sustainability Efforts

Ultramining_Eng

Other articles published on Aug 12, 2024

OKX's Venture Arm and Aptos Foundation Announce $10M Fund to Boost Aptos Ecosystem

Bitcoin Miners Face Record Low Daily Revenue as Industry Adapts to Challenges

Crypto startup funding grows to $2.7B in Q2 despite fall in total deals

What is Ethena Labs’ USDe Stablecoin?

SHIB Burn Rate Explodes by 38,199,412%: Analyst Suggests Shiba Inu Price Could Triple to $0.001?

SEC Moves to Amend Complaint Against Binance, Binance.US, and Zhao: Solana (SOL) May Be Impacted

Join our free newsletter for daily crypto updates!