The power consumption of the bitcoin network has dropped to its lowest level since November 2020.
The Cambridge Bitcoin Electricity Consumption Index (CBECI) dropped almost 60% on an annualized basis. If in the spring miners consumed more than 143 TW/h of electricity, now this volume is about 62 TW/h.
According to the researchers, this trend, among other things, was the result of the transition of mining pools to energy-efficient and more productive equipment.
Trending: Smart Contracts Audits Startup Hexens Closed $4.2 M Seed Funding
In addition, the so-called Chinese factor cannot be ignored. The authorities of several large provinces of the PRC have banned the mining of cryptocurrency on their territory, which led to a massive migration of miners.
The shutdown of equipment not only reduced the total power consumption of the network but also led to a record drop in computing power.
The bitcoin hash rate has dropped from 178.9 exahash per second (EH/s) to 84.79 EH/s - this is the lowest value since September 2019. This week, this indicator has grown slightly. On Friday, July 9th, the BTC hashrate is 90.82 EH/s.