University of Cambridge Updates Bitcoin Electricity Consumption Index
The University of Cambridge has made a significant update to its Bitcoin Electricity Consumption Index (CBECI) to provide a more accurate assessment of the global energy footprint of Bitcoin miners. The previous power estimates were found to be greatly overestimated, with discrepancies particularly noticeable in 2021. The university’s revised model estimates that Bitcoin’s electricity consumption for that year was 89.0 TWh, compared to the previous estimate of 104 TWh. The methodology used in the previous model was flawed and did not account for the increased efficiency of ASIC hardware devices or the impact of China’s mining ban. Despite the improvements in the updated model, some experts still believe that the figures are inaccurate.
Key Points:
– The University of Cambridge has updated its Bitcoin Electricity Consumption Index to provide a more accurate assessment of the energy footprint of Bitcoin miners.
– The previous power estimates were found to be greatly overestimated.
– The new model takes into account the increased efficiency of ASIC hardware devices and the impact of China’s mining ban.
– Some experts still believe that the updated figures are inaccurate.
Hot Take: The University of Cambridge’s updated Bitcoin Electricity Consumption Index provides a more accurate assessment of the energy footprint of Bitcoin miners. However, there are still concerns about the accuracy of the figures, particularly during bull markets. It is important for researchers to continue refining their methodologies to ensure accurate assessments of Bitcoin’s energy consumption.
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