Research Summary
The Article presents a new methodology for estimating Bitcoin’s electricity consumption. The report suggests that Bitcoin’s estimated total power draw is approximately 13.4 gigawatts (GW), about 16% less than the often-cited estimate of 15.9 GW by Cambridge University’s Center for Alternative Finance. This new methodology is based on the ability to fingerprint specific types of mining hardware identifiable in data patterns left in the mining process.
Actionable Insights
- Understand Bitcoin’s Energy Consumption: Bitcoin’s estimated total power draw is approximately 13.4 gigawatts (GW), about 16% less than the often-cited estimate of 15.9 GW by Cambridge University’s Center for Alternative Finance. This new estimate is based on a new methodology that fingerprints specific types of mining hardware.
- Explore New Areas of Research: This energy consumption analysis opens up exciting areas of research, including estimates around Bitcoin’s electronic waste (E-waste), network efficiency, and key mining industry trends.
- Monitor Bitcoin Mining Hardware: The new methodology is based on the ability to fingerprint specific types of mining hardware identifiable in data patterns left in the mining process. This could be useful for tracking and understanding the evolution of Bitcoin mining hardware.
