March 28, 2024

Miner electricity consumption drops 24% after bitcoin halving

Shortly after the halving, the total energy consumption of BTC miners decreased by almost a quarter.Hereofaccording to the Bitcoin Energy Consumption Index from the Digiconomist service.

The graph below shows that in anticipation of the recent halving of the block reward, Bitcoin miners consumed 77.78 TWh / year. Now this figure is at around 57.9 TW · h / year.

Miner electricity consumption drops 24% after bitcoin halving

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Most likely, a sharp drop in energy consumption is associated with a massive shutdown of relatively inefficient mining devices, including the once extremely popular Antminer S9 from Bitmain.

According to the calculator from F2Pool, mining on S9 andS9 SE at the current price of bitcoin is unprofitable - the cost of coins mined and does not nearly cover even the cost of electricity. And this at a relatively low tariff - $ 0.05 per kWh.

However, it is quite cost-effective to extract BTC for muchnewer miners - Antminer S19 Pro and Whatsminer M30S ++. Each such device per day brings up to $ 5 profit at a cost of electricity of $ 0.05 per kilowatt.

Over time, mining devices do not becomeonly more powerful, but also more energy efficient, which should also affect the dynamics of total energy consumption. Therefore, we can assume that with the development of the mining industry, the bitcoin hash rate will grow faster than the Digiconomist index values.

However, the energy intensity of the Bitcoin network is still impressive. For example, the amount of electricity consumed per year by BTC miners is approximately comparable to the energy consumption of Bangladesh or Israel.

Miner electricity consumption drops 24% after bitcoin halving

Data: Digiconomist

To carry out one bitcoin transaction, an amount of electricity is required, which would be enough for the needs of an average American family for 18 days.

Recall, shortly after halving, the bitcoin hash rate fell by 16%, and the income of miners - by more than 40%.