Bitcoin

Cambridge University's Centre for Alternative Finance (CCAF) recently enhanced the Bitcoin <a href="https://ultramining.com/news/en/crypto-mining-with-flare-gas-a-green-solution-or-environmental-setback/" rel="noopener noreferrer nofollow">Electricity</a> Consumption Index (CBECI). Consequently, the global energy consumption for Bitcoin mining now estimates at 89.0 terawatt-hours (TWh), marking a significant decrease from the prior 104 TWh. This revelation puts the Bitcoin network's energy use in line with the US's tumble dryers, debunking previous claims comparing it to the energy usage of all the world's tumble dryers, according to <a href="https://cryptonews.com/news/cambridge-universitys-bitcoin-mining-index-gets-an-upgrade-for-precise-power-consumption-analysis-heres-latest.htm" rel="noopener noreferrer nofollow">cryptonews</a>. 
The extensive report, released on August 31, acknowledges a flaw in the initial methodology. Notably, it relied heavily on the assumption that every profitable <a href="https://ultramining.com/hardware/" rel="noopener noreferrer nofollow">hardware</a> model under 5 years old contributed equally to the total network hash rate. Hence, the researchers realized that the older mining devices were retiring at a faster rate than initially assumed. This finding led to a substantial downward adjustment in Bitcoin's energy use estimations for 2021 and 2022. 
Furthermore, Daniel Batten, a notable figure in the Bitcoin community, emphasized the corrections made to the previous data. He pointed out that the common claim of Bitcoin consuming "as much energy as Sweden" now stands refuted. Moreover, he criticized the greenhouse gas emissions data, asserting a 67.6% overestimation due to outdated and exaggerated emission intensity calculations. The critique revolves around the fact that the calculations have not seen an update since January 2022. 
The updated data sheds a new light on the Bitcoin network's global energy consumption, bringing a fresher and more accurate perspective to the table. Therefore, these findings have the potential to shift the narrative surrounding the environmental impact of Bitcoin mining, paving the way for a more informed dialogue in the community and beyond. 
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Cambridge Unveils Revised Bitcoin Energy Consumption Data, Debunks Previous Overestimates

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