Electricity used to mine bitcoin plummets as crypto crisis widens
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Electricity consumption of the bitcoin network has fallen by a third from its high of 11 June. That still equates to the annual consumption of Argentina, with a single bitcoin transaction using the same amount of electricity that a typical US household would use over 50 days. The electricity consumption of a cryptocurrency network comes from “mining”, which involves people using purpose-built computers to generate digital lottery tickets that can reward cryptocurrency payouts. The collapse in mining revenue has led to a flood of graphics cards on the second-hand market, as insolvent miners try to recoup their investments, but De Vries warnsit is a lottery to buy one. Source