Bitcoin network power request tumbles to 10.65GW as hash rate sees 14% drop

The Bitcoin network recorded the year 2022’s most reduced power interest of 10.65 gigawatts (GW). At its pinnacle, the BTC network requested 16.09 GW of force.

The general power utilization of the Bitcoin (BTC) network recorded an extraordinary drop in the wake of emulating the fourteen-day-long fall in the mining hash rate, which decreased the driving power for mining BTC blocks to 199.225 exahash each second (EH/s).

As indicated by the information shared by the Cambridge Center for Alternative Finance, the Bitcoin network recorded the year 2022’s least power interest of 10.65 gigawatts (GW). At its pinnacle, the BTC network requested 16.09 GW of force.

On June 16, a Cointelegraph report highlighted how the banking sector utilizes 56 times more energy than the Bitcoin ecosystem. Publisher Michel Khazzaka, an IT engineer, cryptographer and consultant said in an exclusive interview:

“Bitcoin Lightning, and Bitcoin, in general, are really great and very efficient technological solutions that deserve to be adopted on a large scale. This invention is brilliant enough, efficient enough, and powerful enough to get mass adoption.”

The sudden reduction in Bitcoin’s power demand can be attributed to the falling hash rate. The mining hash rate serves as a key security metric, the computing power required by BTC miners to successfully mine a block.

Bitcoin’s mining trouble arrived at an untouched high of 231.428 EH/s on June 13, which was trailed by more than a – 13.9% drop north of about fourteen days. The most recent breakdown of the hash rate circulation shows F2Pool and AntPool as the greatest known diggers with each mining 81 and 80 blocks throughout the course of recent days separately.

A gathering of scientists, under government financing, planned a class of stablecoin named the Electricity Stablecoin (E-Stablecoin) that would send energy as a type of data.

As made sense of by Cointelegraph, the E-Stablecoin would be printed through the contribution of one kilowatt-hour of power, in addition to a charge, which could then be utilized for exchanges the same way as any stablecoin.