Despite massive losses across the cryptocurrency sector, the amount of computing power consumed by bitcoin and others continues to rise
An increase in hashrate raises concerns about the carbon footprint of the cryptocurrency sector, as more intense computation generally requires more electricity usage. This is likely to be offset by a switch to more efficient computing hardware, saysIts latest model estimates that the current annual electricity consumption of bitcoin is 141 terawatt-hours, comparable with the amount used by Egypt.
“Without doubt, the network hashrate is an important variable, but the answer to this question is much more complex. How sustainably the electricity used by bitcoin miners was generated, and the efficiency of the hardware also play a decisive role,” says Neumueller. “We assume in our model that miners are rational economic agents – in other words, they only operate profitable hardware. Therefore, as profitability decreases, older, less-efficient hardware is assumed to be switched off.
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