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Bitcoin reduces its electricity consumption by 60%, according to the University of Cambridge

Key facts:

The Bitcoin network reached its highest consumption last May.

The drop in consumption may be due, in part, to more efficient use of energy.

The opinion matrix created on Bitcoin (BTC), the consumption of electricity and its alleged contamination, are losing more and more strength.

The University of Cambridge reports today, July 9, that the electricity consumption of Bitcoin fell by 60% in two months, reaching October 2020 levels. The data was taken from the Cambridge Bitcoin Electricity Consumption Index.

The study shows that Bitcoin currently consumes 67 terawatt-hours (TWh), while last May it consumed 141 TWh, the highest electricity consumption in the history of the leading cryptocurrency.

The previous lowest electricity consumption by mining was in October 2020, when it was at 56 TWh, highlights the report.

In the graph you can see the decrease in energy consumption from May to July.

The Cambridge data is close to that of a recently published study by the Bitcoin Mining Council. This study shows that the network consumes 180 TW / h.

Furthermore, in the survey, which was reported by CryptoNews, the Council founded in May 2021 with the support of some of the largest mining companies in the Bitcoin industry, reported that 56% of BTC miners use sustainable energy.

It can be interpreted that the energy it consumes the industry is increasingly efficient, without ceasing to provide its services and with a network that operates without any type of interruptions.

China and Iran contribute to the fall in electricity consumption

Another reason that has caused the drop in electricity consumption by Bitcoin, could be related to the latest events of miners in China.

It is worth remembering that the Chinese authorities forced closure of Bitcoin mining facilities in 5 provinces: Sichuan, Inner Mongolia, Xinjiang, Qinghai and Yunnan, as reported by CryptoNews.

Such a decision lowered the processing power of the Bitcoin network, which, to a large extent, was contributed by companies that operated in the Asian country. For the month of May the hash rate reached 189 EH / s. It is currently at 91EH / s, according to Bitinfocharts.

Measures similar to those of China were recently taken in Iran. The Government of that country asked all cryptocurrency miners that operate legally, to stop mining for the alleged impact that the activity has generated on the country’s electricity consumption. This industry, in the government’s opinion, would be responsible for major blackouts nationwide.

China US hash rate transfer

Given the departure of several mining companies from Chinese territory, everything seems to indicate that between the30 and 40 percent of the processing power or hash rate of Bitcoin will move from China to the United States in the remainder of this year, according to an investigation by the firm Hashrate Index, collected by CriptoNoticias.

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