- Bitcoin’s energy consumption has increased by 41% year-over-year (YoY) despite significant improvements in energy efficiency and a more diverse and sustainable energy mix
- At the time of writing, the BTC price is $19,222.07.
- BTC Market Cap has increased by 0.92 percent in the last 24 hours.
On the other hand, there are concerns that the rise might cause regulators to tighten restrictions on crypto mining.
The BMC says that Bitcoin mining uses “an inconsequential amount of global energy” and only 0.16 percent of the world’s energy, less than what computer games use.
The BMC deemed Bitcoin mining’s 0.10 percent contribution to global carbon emissions to be negligible, despite the network’s hash rate increasing by 8.34 percent.
BTC Fully Diluted Market Cap – $404,002,325,874
The network’s hash rate increased 7.3% year-over-year in Q3 2022, resulting in an 8.34% increase in Bitcoin energy consumption despite the fact that fewer blocks were produced and prices were rising.
The rise in hash rates, according to Glassnode, a blockchain data analytics company, is the result of mining hardware that is more effective and/or miners with stronger balance sheets gaining a larger share of the hash power network.
Because they argue that the cryptocurrency’s power consumption is harmful to the environment, environmentalists are increasing their pressure on Bitcoin miners.
Greenpeace is currently running a campaign titled “change the code, not the climate” to encourage the Bitcoin network to switch to proof-of-stake.”On the other hand, the official account only has 1100 followers at this point.
Union (EU) to take measures to mitigate the negative effects of the digital asset industry on the environment. Kanye West wears a “Satoshi Nakamoto” cap. Regulatory actions appear to be lagging behind those in the EU.
In response to the severe decrease in Russia’s energy supply, the European Union (EU) has asked its member states to “implement targeted and proportionate measures to lower the electricity consumption of crypto-asset miners.”
There is a push for tighter regulation despite the EU’s rejection of a proposal in March that would have completely banned crypto mining.It would appear that US regulations are further behind those in the EU.
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Consumption of Bitcoin Energy
Over the past few decades, consumers have grown increasingly interested in their energy consumption and individual contributions to climate change.
Many people became concerned about Bitcoin and voiced their disapproval of its energy consumption when news reports began to circulate about the possibility of negative effects.
According to a report, the amount of electricity required for each Bitcoin transaction is 1,173 KW hours, or enough to “power the typical American home for six weeks.”According to a different report, Bitcoin’s annual energy consumption exceeds Finland’s annual hourly energy consumption, which is 5.5 million people.
Tech entrepreneurs, environmental activists, and political leaders have all commented on the news.
Elon Musk, the CEO of Tesla, even made the announcement in May 2021 that Tesla would no longer accept cryptocurrency as payment because he was concerned about the impact it would have on the environment.
Some of these people, despite their condemnation of the problem, have prompted solutions: How can we make Bitcoin use less energy? Simply asserting that the Bitcoin energy issue may be exaggerated, others have taken a defensive stance.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/10/23/btc-energy-use-jumps-41-in-1-year/