Key Takeaways
- After so many complaints about the volume of energy consumed by Bitcoin (BTC), the coin has reduced the volume and become energy efficient.
- But the recent update reveals that there has been a 41% spike in the consumption of electricity in the last 12 months.
After so many complaints about the volume of energy consumed by Bitcoin (BTC), the coin has reduced the volume and become energy efficient. But the recent update reveals that there has been a 41% spike in the consumption of electricity in the last 12 months. This increase will attract further regulatory restrictions on crypto mining. The EU is looking to step in and take regulatory steps. The 41% increase is a major drawback for Bitcoin and it is going to cost it the unwarranted attention of regulators like the EU.
Read:Is Bitcoin Mining Profitable in Nigeria? The Surprising Truth
BTC energy use jumps 41% in 12 months, increasing regulatory risks
Although it is more energy efficient than it was some years back, the latest release shows that there is still much work to be done. A 41% increase after reducing by 58 times the energy consumed in the past is an unneeded clamour for strict regulatory clamp-downs on crypto mining.
The information was retrieved from the Q3 2022 report by the Bitcoin Mining Council (BMC), which is a representatio of 51 of the world's biggest bitcoin mining companies.
The report discovered that the process of mining Bitcoin gobbles up 0.16% of the world's energy production. Interestingly, this rate is a little bit smaller than the energy devoured by computer games in the report filed by BMC. In an expressive slate, BMC describes it as "an inconsequential volume of the world's energy."
In addition, the process of mining Bitcoin released 0.10% of the globe's carbon emissions. At this rate, BMC described it as "trifling". The spike in the energy consumed by Bitcoin follows suit as the network's hashrate went up by 8.34% in Q3 2022 and 73% YOY regardless of the low price pressure and production of a handful of blocks.
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