The Bitcoin network uses 67 TW of electricity, higher than the peak reached in 2020. Bloomberg cites the University of Cambridge’s Bitcoin Electricity Consumption Index.
Analysts estimate that by year-end the figure will reach 91 TW, equivalent to the energy consumption of Pakistan.
Positive momentum is observed due to the rise in Bitcoin’s price and a drop in mining difficulty after crackdowns by Chinese authorities. This creates conditions for the reactivation of less energy-efficient equipment, the researchers noted.
They highlighted a priority on transitioning to carbon-neutral energy sources.
Earlier in September, Blockstream reached an agreement with the Australian investment bank Macquarie to collaborate on a green Bitcoin mining project.
The Bitcoin Mining Council, an organization concluded that the share of renewable energy in the global Bitcoin mining industry stood at 56%.
The community criticised the study, questioning its objectivity.
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