The report suggests that these documents are set to amplify the momentum among leading cryptocurrencies in their pursuit of increased decentralization, aiming to emulate the features and structure of ether.
1/ Bitcoin’s energy consumption is not “wasteful.” Most of the consumption data stemming from the BTC network is derived from the Cambridge Bitcoin Electricity Consumption Index (CBECI). Interestingly enough analysts and mainstream media reporters also reference the digiconomist.net bitcoin energy consumption index as well.
Criticism and Validation. Of course, the Bitcoin Energy Consumption Index is also very much a prediction model for future Bitcoin energy consumption (unlike hashrate-based estimates that have no predictive properties). The model predicts that miners will ultimately spend 60% of their revenues on electricity.
The model predicts that miners will ultimately spend 60% of their revenues on electricity. At the moment (January 2019), miners are spending a lot more on electricity. On January 22, 2019, the Bitcoin Energy Index was estimating that 100% of miner revenues ($2.3B) were actually spent on electricity costs.
The digiconomist.net stats show the BTC network captures 77.78 TWh, while CBECI indicates the network is 111.08 TWh. That is a huge variance (44% difference) when attempting to estimate the data consumption of the crypto asset’s network.
Topics covered: Ordinals NFT's on Bitcoin Blockchain, my prediction for Bitcoin network hashrate end of 2023, Mawson increases ...
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