In brief Bitcoin’s estimated network energy consumption is steadily rising. A recent peak is the highest figure estimated since the May halving event. A new journal report suggests that estimates may actually be low.
Bitcoin’s estimated energy consumption and environmental impact—due to the heavy power demands of mining rigs—grew and grew until May’s halving event, at which point it fell off a cliff as mining rewards were slashed in half.
It wasn’t long before those estimates started ticking upwards again, and this month they hit levels unseen since March.
According to Digiconomist, which tracks the estimated total power consumption of the entire Bitcoin network, Bitcoin is currently estimated to use 67.927 terawatt-hours (TWh) per year, as of Thursday. That’s down slightly from