Bitcoin Miners Monthly Energy Consumption Hits an All-time High
During February, Bitcoin miners utilized a record-breaking 19.6 GW of electricity, a significant increase from 12.1 GW during the same period in the previous year, as reported by Bloomberg.
This surge in electricity usage is attributed to the rise in Bitcoin’s price, which has prompted mining companies to invest over $1 billion in new equipment since February 2023.
In recent years, Texas has been a popular destination for low-cost power mining in the United States. However, mining firms from other countries, particularly China, are now investing in Ethiopia.
Despite the African country’s ban on trading in digital assets, mining has been approved since 2022. A source from the agency claims that an unnamed cryptocurrency mining company has acquired equipment worth between $350 million and $400 million but currently has no available space to house it.
There has been a significant increase in the volume of Bitcoin transactions, reaching its peak since September 2022 as the halving event approaches.
