Bitcoin (BTC) on Verge of Breaking Mining Record

At current hashrate levels, even with the most modern machines, the Bitcoin network uses around 53 TW/h on average.

The Bitcoin (BTC) network keeps growing for two quarters in a row, as miners are about to break the record above 68 EH/s. Mining is one of the indicators of the network’s health, as more machines, in theory, protect each block from tampering.

Most of the mining growth is concentrated in China, and the electricity used is based on renewable resources. In fact, in the past months, despite the rise in hashrate, the BTC energy consumption has fallen, and the energy used annually is between the annual consumption of Colombia and Austria.

A new tool to track the energy powering the Bitcoin network was recently unveiled by the University of Cambridge. The measures of the new tool show a slightly lower power consumption. Bitcoin mining is also variable, as facilities fluctuate their activity. According to the tool, the power for each hour of BTC mining ranges between 21 TW/h and 148 TW/h.

Most of the mining facilities beyond China are located in cold climates, including the USA, Canada, Georgia, Estonia, Iceland, and Sweden. A cold climate works to cool down the mining machines.

The current spike in mining is based on a few positive factors. One of them is the growing market price, holding above breakeven prices for months now while promising new price records.

The other factors include the newly shipped mining rigs from Bitmain, which allow for higher efficiency and decent transaction fees, which hover around $1.89. With the growth of BTC trading, the transaction count is growing, adding additional payments for miners, beyond the 12.5 BTC block reward. Less than a year remains before miners see the reward slashed in half, and activity has picked up, to make use of the easier creation of coins.

BTC traded at $11,782.37, spiking in the past 24 hours from the $11,100 level. BTC has achieved robust growth in June, potentially promising to extend the rally until the end of this year.

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