Cambridge University just gave us a big update on Bitcoin's energy usage, and it's good news. Turns out, previous estimates were way off the mark. In 2021, we thought Bitcoin consumed 104 terawatt-hours, but it's actually 89.0 TWh. And in 2022, it dropped from 105.3 TWh to 95.5 TWh, about the same as U.S. tumble dryers. The old method didn't consider the efficiency of mining hardware, but now we've got a more accurate picture. According to Cambridge, in 2023, it's around 70.4 TWh. So, Bitcoin's environmental impact isn't as bad as we thought!
It was never that much of a big deal, because spending energy is not the issue at the core, how we make that energy is the real problem. If there is energy created, the nit will be used ,and this is a way that we use it, so it is not going to be an important difference, we can't just say that energy should be given for free to someone, obviously it would be used for something and in this case it is mining.However, how we make that energy is the most important part, it does allow us to get better at it one way or another. If you make it from coal, you are ruining the world, if you make it from hydro or solar or wind, then you are making the world a better place. So focus on how you create it, not how you use it after it's created.
