By Harry B - Crypto Speculator - 08-07-2021
With analytics reported by the Cambridge Bitcoin Electricity Usage Index, Bitcoin's annual electricity consumption has dropped by about 60%. The results show a massive drop from Bitcoin's all-time high, which back in May 2021 were showing levels of more than 143 terawatt-hours (TWh). The data reveals that this is the lowest rate recorded of energy use from Bitcoin (BTC) this year. The previous time Bitcoin reached energy use levels this low was last recorded back in November 2020.
To date, the prediction for Bitcoin's annual electricity requirement is 67 TWh. Based on its potential upward movement alongside its current rate of energy, the maximum level of consumption would be 162 TWh, which would show a strong reduction from 520 TWh in mid-May.
Despite the fact that regulators across the world are always quick to criticise the Bitcoin trading and mining network for its mass energy consumption and carbon footprint, data shows that Bitcoin's energy use has recently declined substantially.
The bull run in April that sent the price for buying Bitcoin to a new all-time-high of $64,000, was what fuelled a dramatic energy spike in May amongst Bitcoin miners.
The soar in power consumption triggered significant discussions about the cryptocurrency's potential environmental impact. After Tesla CEO Elon Musk announced the removal of Bitcoin investments as a viable payment option to purchase a car from the company on May 12, Bitcoin saw a large sell-off trend and lower activity.