Yet the Bitcoin network consumes more energy than entire countries
The Bitcoin network has always been criticized for the amount of electricity it consumes to verify transactions and add new blocks to the network. The recent halving event, which reduced the supply of Bitcoin per block from 12.5 BTC to 6.25 BTC, removed many low-profit miners using old mining machines for which halving made it impossible to make a monetary profit. As a result, energy input was also reduced by 38%.
According Digiconomist data, after halving, the electricity consumption of the Bitcoin network fell by 24%. However, despite this significant drop, the amount of electricity consumed by the grid is still equivalent to that of the state of Israel. While the carbon trail left by the Bitcoin network, which is around 27.51 Mt, is equivalent to Syria.
Digiconomist data also revealed several other interesting aspects of energy consumption on the Bitcoin network. For example, the amount of energy needed to verify a single Bitcoin transaction can power an average American family for almost 18 days. The amount of e-waste produced in the Bitcoin ecosystem is equal to the amount generated by Luxembourg.
Some of the main metrics of the Bitcoin network include:
The debate over electricity consumption on the Bitcoin network has been underway for some time. It is important to remember the mining consensus used by the Bitcoin network, Proof-of-Work (PoW), which despite consuming large amounts of electricity, is also one of the most secure mining algorithms, with “proof of work” ensuring network security.
Source: BTC EG