on the crypto
The energy input of the Bitcoin community is once again a hot topic. However, the collapse of Ethereum leaves the second largest digital asset in the world with virtually no power. Furthermore, recent statistics suggest that application-specific ASICs or integrated circuits are very energy efficient.
The drop in Bitcoin's energy demand
The hardware used for mining slows the rate of increase in network energy demand as the hash rate increases. On October 7, Messari reported the company results stating that.
"The decoupling can be attributed to the creation of next-generation ASICs, which can be more force-efficient and have better hash rates."
According to the University of Cambridge, a deeper analysis of these statistics shows that Bitcoin's energy demand dropped 34% in February and September. The trend started reversing and accelerating slightly in October.
The highest Bitcoin energy consumption report currently reports an estimated annual consumption of 102,16 THw. However, this has resulted in overall greenhouse gas emissions, estimated at around 0,1% of global greenhouse gas emissions.
The drop in demand could be attributed to miners' speculation following the massive sale of Bitcoin from November to June. However, as things improve, the new hardware ordered is put into operation.
How will the new hardware change the game?
Bitmain's current flagship model, the antminer s19 xp hyd, has a hash price of 255 th / s, with an electrical performance of 20,8 d / th. Previous models, such as the s17 pro, weren't as green, with around 40 d / th. But when the situation improved, new equipment was ordered.
Bitmain's flagship product at the moment and the Antminer S19 XP Hyd, offer a cutting speed of 255 terahash / s, with an energy efficiency of 20,8 J / TH or joules per terahash. Older models, such as the S17 Pro, are not as efficient, recording around 40 J / TH. Cambridge data from January 2022 shows that the United States holds 38% of total hashish, which is the largest market share.
BTC falls below the $ 20.000 mark
The international cryptocurrency market is variable. It is back below the psychological threshold of $ 20.000. At press time, Bitcoin was changing hands to one quotation $ 19.900 after the loss of 1,8%. Bitcoin has moved sideways over the past three months. The $ 18.500 level has provided solid support for the recent declines since June.
For most of the year, cryptocurrency markets and tech-sector equity markets have been in a relationship. Nonetheless, the price of BTC remains declining as the asset fell back below the psychological $ 20.000 level on Friday morning.
The solutions of the energy consumption of Bitcoin
Cryptocurrencies are quantitatively a large consumer of energy, especially electricity. However, there are many ways to manage Bitcoin much cheaper.
For those who want to start using bitcoin, it should be noted that it has the ability to significantly increase the electricity bill. The ideal is to install a solar panel. Also, after working days, the electricity produced can be used by the whole house. It is not possible to reduce the energy consumption for bitcoins. However, it is possible to direct miners towards renewable energy. After a few experiments, it was established that it is possible to mine and heat rooms and water at the same time.
