Bitcoin energy consumption has fallen by a quarter since the beginning of June

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After the fall of the cryptocurrency marketmany miners began to turn off outdated equipment as it became unprofitable. Energy consumption of the Bitcoin network fell by 25% in just a month.

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), as of June 6, miners of the first cryptocurrency consumed 14.34 GW. Now the figure is 10.65 GW. 

Annualized energy consumptiondecreased to 93.33 TWh. This is already lower than the consumption of countries such as Argentina (125 TWh) and Norway, but still higher than the consumption of Finland (82 TWh). Back in May, the annual electricity consumption of the network of the first cryptocurrency was estimated at 150 TWh.

The energy consumption index is calculated onbased on a “recoupment rate” that takes into account “various types of equipment.” If the price of Bitcoin falls, mining on old and inefficient devices becomes unprofitable.

Bitcoin miners have now significantly increasedselling coins to support their activities. If previously most of the mined BTC remained in the wallets of miners in the hope that the rate would continue to rise, now the influx of coins from miners’ wallets has reached its maximum over the past 7 months.

Earlier it was reported that the fall of the cryptocurrency market led to a massive sale of top-end video cards by Russian miners on the secondary market.