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According to the Cambridge Bitcoin Electricity Consumption Index, the Bitcoin network's power consumption decreased to 11 GW yesterday, down 27% from 15 GW in April (CBECI).
Cambridge Centre for Alternative Finance maintains the index, which calculates the amount of electricity utilized by Bitcoin miners (CCAF). The CCAF calculates price estimates by computing a theoretical maximum and lowest demand for a particular day and estimating actual consumption.
According to CoinMarketCap, the Bitcoin price has decreased by 53 percent from $44,850 at the beginning of April to roughly $21,250 on Friday morning. If past declines are any indication, the Bitcoin network's energy consumption might decrease much lower.
During the summer of 2021, prices dropped by 50 percent, from a record-high of $63,558 on April 12 to a low of $29,796 on July 19. It took many weeks for the statistics to reveal that the Bitcoin network’s power consumption trailed behind its growth.
According to the CBECI, Bitcoin network power consumption hit its 2021 peak in May, at an estimated 16 GW. The projected Bitcoin network power usage reached its annual low on July 2, plummeting 56 percent to 7 GW a few weeks after falling prices.
Last year’s price decline was exacerbated by China’s ban on Bitcoin mining, which pushed firms to stop or relocate their mining equipment to other countries.
There is evidence that Bitcoin miners have begun preparing for an extended period of decreased profitability.
According to a research by Arcane Research, publicly listed Bitcoin miners, who are required to declare the sale of Bitcoin in their filings with the U.S. Securities and Exchange Commission, sold more Bitcoin in May than they mined.
Last week, for instance, Bitfarms of Toronto sold 3,000 BTC for $62 million. That represented roughly half of the company’s assets. According to a press release dated June 20, the company had $42 million in cash and 3,349 BTC valued at around $67 million.
In a news statement, Bitfarms CFO Jeff Lucas stated, “Since January 2021, we have been funding operations and growth through various financing measures. We believe that selling a portion of our BTC holdings and daily production as a source of liquidity is the best and least expensive method in the current market environment.”