Ethereum Energy Consumption Sees Sharp Decline As Mining Profitability Drops

Ethereum Energy Consumption Sees Sharp Decline As Mining Profitability Drops

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Ethereum Energy Consumption Sees Sharp Decline As Mining Profitability Drops

Bitcoinist.com2 months ago
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Published on June 27, 2022 23:00 GMT+00:00edited on June 28, 2022 11:14 GMT+00:00

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Ethereum energy consumption had been on the rise through 2021. Most of it had been triggered by the bull market which had brought renewed interest to the market. However, with the market now finally headed into the dreaded bear trend, the interest in the blockchain has waned. As a result, activity on Ethereum is down and what this has translated to is a decrease in the amount of energy used on the network.

Energy Usage Nears Yearly Lows

Going into the year 2022, the Ethereum energy consumption had been on a steady rise. The network had seen an influx of new users during the course of last year due to the rise in the decentralized finance (DeFi)” and non-fungible tokens (NFTs). Estimated energy consumption for the year had grown about 50% in the span of six months. By the third week of …