Bitcoin electricity consumption drops by 43 per cent following crypto crash

The cryptocurrency market plunged by more than 50 per cent tanking hundreds of millions of dollars of crypto traders and investors. However, every event has a silver lining and the recent crypto crash also had a major impact on the energy consumption of Bitcoin.

According to Digiconomst, a platform that tracks Bitcoin’s energy consumption, the most popular crypto fell by more than a third over the past couple of weeks. Bitcoin’s annualized energy consumption dropped from about 204 terawatt-hours (TWh) per year on June 11 to roughly 132 TWh per year on June 23, a drop of 43 per cent.

It is worth noting that despite the drop, the current energy consumption is equivalent to the amount of energy a country like Argentina uses yearly.