The latest cryptocurrency news bring Bitcoin (BTC) in the focus along with its energy consumption which is becoming rapidly more efficient, as new data shows. The data pulled from the aggregator Statista also shows that Bitcoin uses less energy despite its recent all time highs in the hash rate.
As the data reveals, the more computing power being dedicated to Bitcoin mining means that less electricity is required to fuel it. According to one specific chart which illustrates how Bitcoin uses less energy now, the consumption has dropped to 69.79 terawatt hours per year – down from 71.12 terawatts which was the level in July 2018. The hash rate, meanwhile, was almost 60% lower than at present.
Many best cryptocurrency news sites have reported about Bitcoin and its hash rate. As you probably know, this metric measures the overall computing power involved in Bitcoin transaction processing. As of recently, the metric passed 80 quintillion hashes per second (in August this year) and currently lies at under 90 quintillion. In July 2018, the number was around 40 quintillion.
The data shows that Bitcoin uses less energy than before – and fits into the overall trend for miners to become more ecologically aware and environmentally friendly. This is important and a hot topic in the Bitcoin and altcoin news – coming in times when the BTC prices have recovered this year and when multiple operators announced their attempts to improve efficiency.
In June this year, a study was carried out and found that three quarters of the total Bitcoin mining activity is powered by renewable energy sources. Moreover, multiple hardware manufacturers started developing new devices with greater capabilities and lower energy demands. Examples of these include Bitmain’s 7nm Antminer which debuted last November.
The news that Bitcoin uses less energy now are a hot topic everywhere. Electricity also remains a popular topic among third parties, some of which allege the industry’s consumption and making it a morally questionable activity.
Meanwhile, Bitcoin has managed to add half a percent overnight and is now trading at $10,600 with a total market cap that is coming close to the $190 billion mark. Still, the impressive 24 hour trading volume hasn’t been that good for most of the altcoins. The coming altcoin news show that only Monero (XMR) and Ethereum Classic (ETC) posted impressive gains overnight, of 3% and 5%, respectively.
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