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In imitation of the two-week decline in the mining hash rate, which decreased the required power for Bitcoin (BTC) block mining to 199.225 exahash per second (EH/s), the Bitcoin (BTC) network's overall power consumption dropped dramatically.
According to data from the Cambridge Centre for Alternative Finance, the Bitcoin network had the lowest power use in 2022 at 10.65 gigawatts (GW). The BTC network used 16,09 GW of electricity at its peak.
Cointelegraph reported on June 16 that the banking industry consumes 56 times more energy than the Bitcoin ecosystem. In an exclusive interview, publisher Michel Khazzaka, an IT engineer, cryptographer, and consultant, stated:
“Bitcoin Lightning, and Bitcoin, in general, are really great and very efficient technological solutions that deserve to be adopted on a large scale. This invention is brilliant enough, efficient enough, and powerful enough to get mass adoption.”
The precipitous decrease in Bitcoin’s energy consumption can be related to the dropping hash rate. The mining hash rate is a crucial security indicator, representing the needed computational power for BTC miners to mine a block successfully.
On June 13, Bitcoin’s mining difficulty reached an all-time high of 231.428 EH/s, followed by a -13.9 percent decline over two weeks. The most recent analysis of the hash rate distribution reveals that F2Pool and AntPool are the largest known miners, having mined 81 and 80 blocks, respectively, during the past four days.
Under federal sponsorship, a group of academics created the Electricity Stablecoin (E-Stablecoin), a stablecoin that would transport energy as a type of information.
According to Cointelegraph, one kilowatt-hour of power and a fee would be needed to mint the E-Stablecoin, which could be used for transactions like any other stablecoin.