With the surge in the price of Bitcoin (BTC), the demand for the coin has grown significantly, placing enormous pressure on mining activities. At the same time, there has been an intense use of energy from national grids to meet this demand. According to a report from S&P Global insight, the Bitcoin Energy Consumption Index is close to breaching its All-Time High (ATH).
Bitcoin Price and Energy Usage
As BTC continues on its upward journey, miners will continually face the challenge of meeting the demand. To estimate the true impact, S&P Global relied on the energy demands of the Antminer S19 Pro in powering BTC mining operations. The average benchmark for the miner is 110 TeraHashes per second (TH/s) and it consumes 3.25 KW.
With this benchmark, the Bitcoin energy consumption index dropped from its ATH of 1,230 MWh attained on November 22 to a December low around 1100 MWh. Per the latest update, this figure has reversed its course and making a defined move toward the previous h
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