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September 28, 2020
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Bitcoin

The amount of electricity consumed by the BTC network dropped after halving – Blocksats

Energy consumption caused by network maintenance Bitcoin fell by 24%, which means that at the moment the amount of electricity used in the global computer network and mining digital gold is equal to the electricity consumed by all of Israel.

Comparisons from Digiconomist

After halvingu, many miners disconnected their excavators from the network. As reported Digitomist, energy consumption due to bitcoin mining has fallen by 24%. After halving, difficulty of mining while it decreased by about 6%.

When, on May 11, the mining award was reduced by half, many miners were forced to disconnect older, less efficient excavators because they became unprofitable.

According to Digiconomist, the electricity used in the Bitcoin network is equal to the energy that all Israel consumes. In contrast, carbon emissions resulted from the extraction of cryptocurrencies, which is equal to emissions generated by all of Syria. It is worth adding that according to report from June 2019, 74.1% of energy needed to maintain the network BTC came from renewable sources.

By calculating the amount of energy needed to mine a new block in the network, the cost of electricity for a single transaction equals the value of electricity consumed by one US household in 18 days.

Many older excavators, built specifically for the mining of cryptocurrencies alone, which have become unprofitable after halving, will go straight to the bin. Digiconomist data indicate that the waste generated in this way is comparable to electronic waste produced throughout Luxembourg.

Bitcoin mining difficulty

Unfortunately, the Bitcoin network can not be called energy-saving, and its strength depends on the mining mechanism. Miners verifying BTC transactions play a very important role, enabling the operation of the transaction network and securing blockchain against cheating.

According to data from BTC.com, after halving, the difficulty of mining the oldest kryptowaluty fell by around 6%. Adjusting the difficulty is to ensure a fixed 10-minute mining time for one block.

Another reduction of difficulties is expected within the next 11 days. This can cause some miners who have stopped digging Bitcoin because of a reduction in the prize for Unit, they can still return to the network.

As Decrypt recently reported, after halving, only two companies – Antpool and BTC.com, control over 50% of Bitcoin’s computing power. At the time of writing, this is 40%, according to Coin.Dance.

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