A piece published by CNBC says bitcoin draws roughly 70 terawatt hours of energy per year … almost half of what it was in May.
It also says:
- China … accounting for nearly three-quarters of all bitcoin miners at its peak, … decided to expel its miners in May, more than 50% of the hashrate – the collective computing power of miners worldwide – dropped off the network
- The exodus from China also means that a lot of older mining equipment that was probably long-past due for retirement will never be turned back on…. “It took off, likely forever, a large amount of the most energy inefficient rigs”
So yeah, shutting down the major centre of the industry would save on electricity use, right?
Good news for BTC, good news for the environment.