According to the Cambridge Bitcoin Index of Electricity Consumption, Bitcoin’s total annual energy consumption has fallen by nearly 60%, falling from an all-time high of over 143 TWh (terawatt-hours) in May to 62 TWh in early July. (CBECI). This is the lowest power consumption since the beginning of November 2020.

At the time of writing, Bitcoin’s annual energy consumption is estimated at 67 TWh, while the upper bound or absolute maximum total power consumption based on the worst-case scenario is 162 TWh, up from 520 TWh in mid-May.

The bottom line estimate, which corresponds to the absolute total energy consumption, based on the best assumption that all miners always use the most energy-efficient devices available on the market, also decreased from 47 TWh to 24 TWh.

Despite the fact that global regulators continue to blame Bitcoin (BTC) for excessive energy consumption and the environmental catastrophe associated with it, according to some reports, Bitcoin’s energy consumption has dropped dramatically recently.

Bitcoin energy consumption since January 2017. Source: CBECI.
On this topic: Bitcoin Mining Council Study Estimates Sustainable Energy Mix Up 56% in Q2

As previously reported, Bitcoin’s equivalent bullfight, which resulted in the price exceeding $64,000 in April, has sharply increased the amount of electricity used by Bitcoin miners, sparking a serious debate about the cryptocurrency’s potential environmental impact. Bitcoin subsequently saw a major sell-off after Tesla CEO Elon Musk suspended Bitcoin payments for the purchase of Tesla cars on May 12.

In line with bitcoin prices, the estimated energy consumption of bitcoin has fallen since the announcement, also driven by the collapse of China’s crypto-mining industry. After shutting down crypto assets in Inner Mongolia in April, the Chinese authorities imposed a series of crypto bans on major cryptocurrencies, including hydropower provinces such as Sichuan and Yunnan, as well as Xinjiang and Qinghai.

Source: CoinTelegraph