Bitcoin mining equipment is increasingly efficient in electricity consumption.
The electricity consumption by bitcoin mining does not reach 70 terawatts per hour, which places these levels still below the maximum recorded in November 2018. This occurs despite the fact that the processing power has reached a new historical maximum, exceeding for the first time the 90 EH / s, recently.
In data from the Statista firm, it can be seen that for the month of July 2019, Bitcoin’s mining electricity consumption was 69.79 terawatts / hour, while between September and November 2018 the number was above 73 terawatts / hour.
The same Statista graph shows that after those November 2018 numbers, electricity consumption fell to 37% in January of this year, coinciding with a decrease in the network’s hash rate.
However, the increase in energy consumption in the following months does not correspond to the levels at which the Bitcoin network processing has grown, as can be seen when contrasting with mining power metrics such as BitInfoCharts
According to data from this firm, the Bitcoin processing power for November 2018 had a maximum level of 60EH / s and was falling until it was below 40 EH / s at the end of the month.
The Bitcoin hash rate again reached 60 EH / s in June, while in the following month 70 EH / s were exceeded at times, in figures of the same BitInfoCharts. Despite this, until July of this year consumption levels did not reach those seen last November.
In May 2018, electricity consumption was around 74 terawatts per hour, in a month with a processing power that did not even reach 40 EH / s. In May of this year, on the contrary, about 60EH / s was registered at some point. In that month, electricity consumption was even lower than that of May of the previous year.
In recent weeks, the Bitcoin hash rate has reached new highs, according to different metrics. BitInfoCharts, blockchain.com and Coin Dance agree that they have already exceeded 80EH / s.
Bitcoin mining equipment has not only improved its processing power over time, seeking greater profits from mining activity. There have also been improvements focused on more efficient energy consumption.
This is reflected in the wide increase in the network hash rate during this year without this having resulted in a greater consumption impact.
Companies such as Innosilicon, GMO, Micro BT and Bitmain remain in a competition to launch the most powerful and efficient miners in the market. At the moment, highlights the Bitmain S17 Pro Antminer, announced in April this year.
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