Important facts:
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According to Neumüller, researchers need to consider the connection between computing power and power consumption.
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Cambridge will update its mining map with support for multiple pools.
Since 2015, Bitcoin mining has become an increasingly environmentally friendly activity, with energy efficiency increasing twenty-fold since then, according to estimates from the University of Cambridge.
Alexander Neumüller, researcher at the Center for Alternative Finance (CCAF) of this university, assured that the energy efficiency of mining has grown steadilyat the same time as the hashrate or computing power of the Bitcoin network.
During a presentation at the World Digital Mining Summit 2023 event, the specialist also assured that this would be measured annuallyThere is a positive relationship between hashrate and power consumption.
However, he clarified this This is not a one-to-one relationship.. That is, the increase in Bitcoin’s computing power has no impact on the increase in electricity consumption.
In this sense, he emphasized that researchers must take this connection into account as it is a technological development in the mining industry. which contributed to lower power consumptionand at the same time brings more computing power to the Bitcoin network.
Researcher Neumüller emphasized that there was a “significant increase” in the energy efficiency of Bitcoin mining, “around 20 times more than in the last eight years”.
Mining, a computer process essential to the security of the Bitcoin network, It is usually associated with an enormous expenditure of energy which, according to environmental activists, leads to pollution. However, with greater energy efficiency, environmental impact decreases, especially when miners use renewable energy sources, which can reduce pollution.
In general, energy efficiency means using less electricity to do the same amount of work. When mining, devices that work with the Proof of Work (PoW) algorithm can mine more, but use the same or less energy.
Estimates from the University of Cambridge on increasing energy efficiency in Bitcoin mining are in line with forecasts from other organizations, such as the Bitcoin Miners Council (BMC). According to this organization, Bitcoin mining will be 25% more efficient in 2023 compared to last year.
Likewise, what Alexander Neumüller highlights about Bitcoin’s electricity consumption is related to updating the prediction model created by the Center for Alternative Finance at the University of Cambridge.
As CriptoNoticias reports, this new model showed that Bitcoin’s electricity consumption this year was 70.4 terawatt hours (TWh). According to the company, less than the original estimate of 75.7 TWh.
Cambridge updates its Bitcoin mining map
On the other hand, Alexander Neumüller revealed that the Center for Alternative Finance at the University of Cambridge is currently in the process of updating its offering Bitcoin mining card, This will determine the countries with the highest hashrate.
According to Neumüller The new update potentially covers more than 50% of the global Bitcoin hashrateThis helps provide a more “up-to-date picture” of the geographical distribution of the network’s computing power.
Neumüller stated that for the new version of their card they will rely on the cooperation of three of the most important mining pools in the ecosystem. These include Antpool, Foundry and BTC.com.
According to the researcher: These employees will be the ones who provide accurate data about the geographical distribution of Bitcoin mining worldwide.
The mining map update comes at a good time considering the service has data from December 2021. This is why China, Kazakhstan, Russia, the United States and other countries are shown as the leaders in hash rate. A reality that has changed due to the exodus of miners observed in the same year.