Bitcoin mining energy consumption increases by 112 % to 33 gigawatts: transactions reach 2-year low for fees below 1 % of the block rewards

Bitcoin mining energy consumption increases by 112 % to 33 gigawatts: transactions reach 2-year low for fees below 1 % of the block rewards

increasing energy consumption in Bitcoin mining: an overview

In the past few months, energy consumption during Bitcoin Mining has undergone a remarkable development. The mining performance has increased by an impressive 112% and has achieved a value of 33 gigawatts. This increase raises questions about sustainability and efficiency of the Bitcoin network.

While the mining capacity skyrocketing, the network transactions record a decline. You are currently reaching a two-year low, which could indicate a reduced interest or reduced activity within the Bitcoin community. This development could also have an impact on the fees that miners received for their work. The transaction fees have now dropped to less than 1% of the block rewards, which questions the economic incentives for miners.

The growing energy intake is in the context of the continuing discussions about the environmental impact of cryptocurrencies and its energy efficiency. Since more and more countries take measures to reduce CO2 emissions, miners and investors are increasingly under pressure to develop more sustainable practices.