, using specialized machines to solve complex puzzles. All that computing by all those machines has led to an energy appetite rivaling that of entire nations.
Bitcoin’s annualized energy consumption has fallen from about 204 terawatt-hours per year on June 11th to around 132 TWhArgentinaJust how much energy the Bitcoin network uses is tied to its value. The more valuable it is, the more incentive there is for miners to ramp up operations — perhaps by buying new machines. The price of Bitcoin peaked in November 2021, reaching around $69,000.
Bitcoin’s value has fallen for months, but it didn’t result in an immediate drop in energy use because the price stayed above a key threshold. If the price stays above $25,200, the Bitcoin network can sustain mining operations that use up about 180 TWh annually, according tode Vries published last year. Since miners have already invested in their machines, they’ll likely keep them running as long as they can turn some profit earning tokens.
The problem is that if the price of Bitcoin gets too low, then miners risk losing money in electricity costs. So they might pause or retire older,
Good for the planet and mental health of youth.
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FoxBusiness - 🏆 458. / 53 Read more »