A recent research report released by Coin Metrics shows that across the entire network, the efficiency of Bitcoin mining machine hardware has increased significantly from nearly 89J/Th in July 2018 to 33J/Th in May this year, and the energy consumption of the same workload has dropped by 63%.
The report also estimates that the Bitcoin network consumes 13.4 gigawatts (GW) of electricity, which is 13 percent lower than a commonly used estimate published by Cambridge University’s Center for Alternative Finance.
Kyle Waters, senior research analyst at Coin Metrics, said that the competitiveness of application-specific integrated circuit mining machines (ASICs) has continued to get better and better over time.