Bitcoin network’s power demand drops by over 20% in 2022 as shift to renewables accelerates
In response to China’s cryptocurrency mining crackdown, Bitcoin (BTC) has turned to renewable energy sources, potentially one of the key factors behind triggering an over 20% drop in the network’s power demand. After hitting an all-time high in May 2021 and using up to 15.80 GW of power per day, the Bitcoin network global hash rate has dropped to 10.49 GW today.
Already on a downward trend, electricity demands have dropped by 21% since the start of the year, going down from 13.28 GW on January 2, 2022, to 10.49 GW on August 8, 2022. With the dramatic drop in Bitcoin price and its mining profitability declining, electricity demands followed the same trend. Yet, the rise in the use of green energy also played a big part in the demand going down. It’s worth mentioning that in March of this year, for the first time.
Source
https://t.me/Crypto_Bitcoin_Blockchain
