Even With Record Hash Rates, Mining Bitcoin Uses Less Energy Than Before, New Data Reveals
It is no secret that Bitcoin is getting record high hash rates recently. In the last weeks, the numbers are growing up a lot, which proves that the network is now safer than ever. This, some people believe, would mean that more energy would be spent on mining tokens. This, however, is far from the truth.
According to new data shared by Statistica, the more computing power is used, the less energy is required. The hash rates are higher today, but the energy consumption is lower than what it was in July 2018. For instance, at last year’s peak, the figure was 71.12 terawatts per hour while today it is 69.79 terawatts per hour.
While the hash rates were around 40 quintillions last year, it is more than the double of that this year, 90 quintillions.
This is an important piece of data because it proves that Bitcoin can actually become more eco-friendly than it currently is. People often criticize BTC for spending too much energy on mining, so this is a pretty good solution. The stronger the network gets, the less power it will have to use.
Also, with new mining devices, the efficiency of the energy can be upgraded even more. Several mining companies are releasing new hardware, which will possibly make the whole process even more eco-friendly in the future. With all of these changes, it seems that people will no longer have arguments to use against BTC mining a decade from now.