Bitcoin's energy consumption dropping
This is the first time it has dropped in 6 years:
(Source: https://twitter.com/RARohde/status/1068109491114262528)
Is this due to miners closing up shop, or is this due to increasing efficiencies?
Probably a little both.
Either way I think cleaner forms of energy are being used to mine bitcoin in a lot of places, which means the environmental effects of bitcoin mining is likely way overblown.
Good info!
Thanks you
Didn't know about this. Bitcoin should be harder and harder to mine, therefore more energy should be consumed, but obviously it's not the case.
What does it tell us?
Well miners have been shutting down in record fashion... I would imagine that is most of it. Though maybe they are also becoming more efficient?! Using less energy to do the same amount of work?!
Despite the fact that the general difficulty trend is increasing, the difficulty these days is reduced and maybe that's why the energy consumption is lower. But becoming more efficient is also an answer.
Perhaps it is all 3?