You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Cambridge University’s Bitcoin Mining Index Gets an Upgrade for Precise Power Consumption Analysis – Here’s the Latest

Researchers from the Centre for Alternative Finance (CCAF) at Cambridge University have refined the Bitcoin Electricity Consumption Index (CBECI). This updated version provides a more detailed insight into the energy consumption of Bitcoin mining worldwide.

The revised data suggests that Bitcoin miners worldwide consume an estimated 89.0 terawatt-hours (TWh), a notable decrease from the earlier model’s estimation of 104 TWh.

To put this in perspective, the global energy consumption of the Bitcoin network is now comparable to the energy used by tumble dryers in the US alone, contradicting previous assertions that it equated to the energy usage of all tumble dryers globally.

Too many old miners included in the previous estimate

Cambridge University released an extensive report on August 31 titled “Bitcoin electricity consumption: an improved assessment.” In this document, they acknowledged errors in their initial estimates. The report explained:

“Our earlier CBECI methodology was largely based on the premise that all profitable hardware models introduced in the past 5 years were uniformly contributing to the overall network hashrate. This led to our model erroneously assuming a greater prevalence of older devices relative to the newer ones.”

Upon realizing that older mining equipment was being phased out more quickly than they had initially thought, the team made notable downward revisions to Bitcoin’s energy consumption for the years 2021 and 2022.

The update has gained significant attention within the Bitcoin community on platform X. Daniel Batten, a prominent figure in the analysis of Bitcoin mining’s energy consumption, emphasized that the once-popular claim, “Bitcoin uses as much energy as Sweden,” has now been debunked.

Furthermore, Batten critiqued the model’s greenhouse gas emissions estimates. He asserted, “The model’s data on emissions remains inflated. They overestimate emissions by a whopping 67.6%, attributing this to both an overestimation and the use of outdated emission intensity calculations, which haven’t been refreshed since January 2022.”

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Azuro Protocol Partners With zkSync Hyperchain Sophon
30.05.2024By
PayPal’s PYUSD Stablecoin on Solana Introduces ‘Confidential Transfers’ for Enhanced Privacy
30.05.2024By
Former Consensys Employee Launches Stablecoin ‘USD3’
30.05.2024By

Latest news

Azuro Protocol Partners With zkSync Hyperchain Sophon
30.05.2024
PayPal’s PYUSD Stablecoin on Solana Introduces ‘Confidential Transfers’ for Enhanced Privacy
30.05.2024
Former Consensys Employee Launches Stablecoin ‘USD3’
30.05.2024
NFTs are Highly Susceptible to Fraud and Scams: US Treasury Report
30.05.2024
Ethereum ETF Approval Was a Political Decision, Says Bloomberg Analyst James Seyffart
30.05.2024
Joint Global Tax Group Issue Crypto Risk Indicators to Financial Institutions
30.05.2024
Judge Throws Out DEBT Box Case, Orders SEC to Pay $1.8M
29.05.2024
Canada Warns of Rising Pig Butchering and Crypto Investment Scams
29.05.2024
Iggy Azalea’s MOTHER Memecoin Hit With Insider Activity Claims After Alleged Sahil Arora Scam
29.05.2024
DeFi Data Firm API3 Raises $4M in Funding Round Led by DWF Labs
29.05.2024