Investorideas.com

Call 800 665 0411 to learn about our services

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS



Share on StockTwits

Annualized Global Crypto-Asset Electricity Usage Is Down 17% Since the Beginning of the Year

 

September 20, 2022 (Investorideas.com Newswire) According to an analysis from BanklessTimes.com, the global annualized electricity usage for crypto-assets has decreased by 17%.

Speaking on the data, Jonathan Merry, CEO of BanklessTimes, said, "The key drivers of electricity usage in cryptocurrency mining are the underlying asset price and the miners' efficiency. More people want to mine when prices go up, driving up electricity usage. When prices go down, usage falls off."

He added that "the most significant recent event affecting electricity usage has been the shift by Ethereum miners from proof-of-work to proof-of-stake." He says this has resulted in a reduction in Ethereum's electricity consumption.

Ether's Shift to Proof-of-Stake

Bitcoin and Ethereum have used Proof-of-work as a consensus mechanism to mine and verify crypto assets. However, Ethereum is gradually moving away from this process by employing the Proof-of-stake consensus algorithm.

Under the proof-of-work system, miners use their computational power to validate transactions and add them to the blockchain. They are then rewarded with crypto tokens for their efforts. The more computational power a miner has, the more chances they have of validating a block.

Blockchain's Future

Despite the reduced electricity usage, it's still early days for cryptocurrency. The industry is growing, and new use cases are being found for blockchain technology.

One of the most promising areas is DeFi (decentralized finance). This is where crypto assets are used to provide financial services that central institutions like banks traditionally provide.

As the industry matures, we expect to see more innovative use cases for cryptocurrency and blockchain technology. This will help reduce the environmental impact of crypto mining and make it more sustainable in the long term. Full story and statistics can be found here: Annualized Global Crypto-Asset Electricity Usage Is Down 17% Since the Beginning of the Year

More Info:

Investorideas.com Newswire

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp


Follow Us on StockTwits






News and Research for Bitcoin, Blockchain, Digital Currency Stocks and ICO's

Get more Bitcoin, Blockchain, Digital Currency stock investor ideas - news, articles, podcasts and stock directories

Buy a crypto guest post on Investorideas.com