Crypto downturn sees electricity consumption on Ethereum plunge by 50%
Electricity consumption on some of the biggest crypto networks dropped by as much as 50%, as depressed token prices forced miners to shut shop, according to the Guardian.The recent sell-off was a brutal reminder of how volatile crypto investing can be.
An indication of this is the electricity consumption used in the mining process. Estimates from Digiconomist show the most energy-hungry network, Bitcoin (BTC), experienced a sharp drop in electricity consumption, falling from a high of 204.5 TW/h per year, on June 11, to 132.07 TW/h per year as of Thursday – a 35% decrease in less than three weeks.The fall in electricity consumption for the Ethereum (ETH) network is more pronounced.
