Bitcoin network power demand falls to 10.65GW as the hash rate decreases to 14 percent
Bitcoin network experienced 2022's lowest power demand of 10.65GW and a sharp decline in the hash rate
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According to the data published by the Cambridge Centre for Alternative Finance, the Bitcoin network is witnessing the year's lowest power demand of 10.65 GW (gigawatt). The highest recorded power demand by the network was 16.09 GW last year.
This drastic fall can be attributed to the two-week-long fall in the mining hash rate. This drop reduced computing power for mining Bitcoin blocks to 199.225 exahash per second (EH/s).
Hash rate is a principal security metric. It's the calculation per second performed by the computers that Bitcoin miners use to mine a block successfully. A disturbance in the hash rate can have a negative impact on the power demand of the Bitcoin network.
This fall in the hash rate directly contributed to the sudden fall in power demand. On June 13, Bitcoin's mining difficulty peaked at 231.428 EH/S. Later, in the following two weeks, the mining difficulty rate had a drop of 13.9 percent.
In the light of the latest breakdown of the hash rate distribution, F2Pool and AntPool emerged as the biggest miners in the Bitcoin ecosystem in the last four days, having mined 81 and 80 blocks during the same duration, respectively.
