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The electricity consumption of the bitcoin network has fallen by a third from its high of 11 June, down to an annualised 131 terawatt-hours a year, according to estimates from the crypto analyst Digiconomist.
New York Senate passed Senate Bill S6486D, to amend state environmental conservation law, set forth two-year moratorium on certain cryptocurrency mining operations in New York state. Bill passed New York Assembly earlier in 2022 and now awaits Gov. Kathy Hochul’s signature.
The decrease in electricity consumption is caused by the fall of Bitcoin in early 2022. The cryptocurrency sector is currently facing a crisis as the electricity consumed by the networks has decreased by 50%.
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