The Cryptocurreny Market price was dropped over 50% which led to consume less electricity. The recent crypto crash have imposed a massive impact on the energy utility of Bitcoin.
Additionally, the famous crypto dropped by more than a third in recent weeks.
How much did Bitcoin dropped by?
Recently, the Bitcoin price reached to $19,000 whereas Ethereum drops by $1,000. However, Bitcoin has faced a huge drawback. Many Crypto investors are hardly investing in cryptocurrencies.
Simultaneously, in June 2022, Bitcoin dropped near 10% which added up on Previous loses in several months. The Cryptocurreny experienced a huge loss in the market during Coronavirus lockdown, Russia Ukraine war. But recently, the Federal Reserve increased its interest rates by 75 basic points which is the largest hike since 1994.
How did the network dropped it electric consumption ?
Bitcoins consumes over 204 terawatt – hours (TWh) per year which is now reduced around 132 TWh per year on June 23,2022. Adding more to cryptocurrency, Bitcoin is developing coins which is made with the help of high technology computers and many other machines.
These machines consumes huge amount of electricity while mining the coins. Whereas the other network hardly consumes large amount of energy.
However, Since last three weeks, Bitcoin have apparantly decreased the electric consumption so, the Cambridge Bitcoin Electricity Consumption Index mention that, the network is now using more than a quarter less electricity than it did in beginning.
