Despite alarming statistics about greenhouse emissions, there has been a noticeable shift in BTC's mining dynamics over the last few years.
The hashrate is a function of growing network traffic. As evident, the hashrate reached an all-time high of 439 exahashes per second on 1 May after the blockchain was overwhelmed by a record number of transactions.
It’s estimated that Bitcoin consumes electricity at an annualized rate of 129 terawatt-hours , as per the latest data from As per the graph below, the energy utilized for each tera hash of BTC mining has been continuously decreasing, a sign that miners were investing in more sophisticated ASIC mining devices.But while overall network efficiency has been improving, there have been periods where efficiency has dramatically plunged. Largely, these were the periods when BTC prices rallied, according to CoinShares’ research.
Even among fossil fuels, the use of natural gas has surged over coal. The global warming emissions from natural gas’ combustion are much lower than those from coal.
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