Bitcoin Electricity Usage Records Notable Drop as Mining Lose Profitability
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The data revealed a 25% drop in energy use in mining activities since the start of this month. Bitcoin currently has an energy consumption of 10.65 gigawatts (GW), a notable drop from the 14.34 figure recorded on June 6. With this, the benchmark cryptocurrency has an annualized energy consumption of 93.33 terawatt-hours, a consumption level a little behind countries like Argentina and Norway. At its peak, the Bitcoin network required about 16.09 GW to function.
The notable drop from a record high of 150 terawatt-hours in May is reportedly due to the decline in mining hashrate. The computing power needed to mine blocks on the Bitcoin network dropped to 199.225 exahash per second (EH/s) over the last two weeks.
The Cambridge Bitcoin Electricity Consumption Index derived the energy consumption level by employing a profitability threshold through “different types of mining equipment as the starting point.”
Following the recent BTC crash, many miners have been forced to go offline after the practice became less profitable for them. This explained the dramatic drop in power consumption and hashrate in recent times.
Key Bitcoin Levels to Watch — June 26
Bitcoin managed to hold above the $21K level over the weekend as it came shy of $22K earlier today. The benchmark cryptocurrency currently trades atop the $21K mark following a mild rejection from the $21.9K area.
Interestingly, the 4-hour stochastic indicator signals a sharp reversal from overbought conditions despite the price remaining unchanged. This paints a notably bullish picture for BTC as it suggests a bullish continuation in the coming hours and days.
That said, the market momentum for the start of the week should be dictated by the price dynamics in the Monday Asian market open a few hours from now.
Meanwhile, my resistance levels are at $22,000, $23,000, and $24,000, and my key support levels are at $21,000, $20,000, and $19,000.
Total Market Capitalization: $953.8 billion
Bitcoin Market Capitalization: $404.9 billion
Bitcoin Dominance: 42.3%
Market Rank: #1
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