Electricity Consumption Drops By 50% As Crypto’s Value Nosedives

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Miners on blockchain networks are facing the hard decision of shutting down operations as the price of tokens is no longer sustainable for operations. Bitcoin and Ethereum need a high amount of power supply for a mining operation. The implication of this is the high cost of power. A very good chunk of the amount earned from mining operations is to go into the provision of power supply. An average of 143,000kWh of electric power is needed to mine just a bitcoin. Many of the miners have to shut down operations as the value of tokens becomes unsustainable.

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An estimation from digiconomist reveals that Bitcoin, which is the highest consumer of electrical power, is facing a notable fall in energy consumption. Miners need to rely on the use of fossil fuels to generate the kind of power needed for their mining operations. And the effect of this on the environment contributes to the emission of carbon waste into the atmosphere.

For miners on the Bitcoin network, the price of the token has to be sustained above $25,000 for them to be able to meet the power cost. However, the price of bitcoin is presently struggling at $21,000

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