Bitcoin crisis reduces electricity consumption

Published on: November 27, 2018 / Updated on: November 27, 2018 – Author: Konrad Wolfenstein

Bitcoin Energy Consumption Index at over 70 terawatt-hours (THw) per year as recently as October. Parallel to the collapse of the price of the most successful cryptocurrency to date, the immense electricity consumption, primarily caused by mining new Bitcoins, has now also decreased drastically. According to Chinese media, the loss in value has led numerous Bitcoin miners to take their servers offline. Nevertheless, the digital currency is still a significant energy consumer, as a comparison with the annual electricity consumption of German households demonstrates.

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