What is Real Energy Consumption for Bitcoin Mining
By the results of the Coinshares research, Bitcoin mining consumes 35tW around the world. Coinshares is the company that provides research products in the crypto industry. This is twice as less as was previously disclosed by Alex de Vries, the developer of BECI (Bitcoin Energy Consumption Index).
The report states that network hashrate increases by 300% annually, chip efficiency increases by 80%, while chip cost decreases by 50% in average. It is also noted that Bitcoin mining mainly uses cheap renewable energy sources (hydroelectric plants etc.).