Highly efficient and more environmentally friendly, can Bitcoin mining still be hacked?

As Bitcoin’s hash rate continues to hit new highs, new data shows that mining rigs are becoming more energy efficient.

Hash rate hits new high, mining machine efficiency gradually improves

According to data from the website Statista on September 5, although the computing power used for Bitcoin mining has continued to rise, the electricity required for Bitcoin mining machines has decreased.

According to the chart, as of July, the energy consumption of Bitcoin mining is 69.79 terawatts per year. In July 2018, this figure was 71.12 terawatts, and the hash rate at that time was nearly 60% lower than it is now.

Bitcoin's annual electricity consumption (Image source: Statista)

The hash rate measures the overall computing power of the Bitcoin network in processing transactions. In August this year, Bitcoin's hash rate exceeded 80 trillion hashes per second and is currently just below 90 trillion hashes. In July 2018, the number was around 40 trillion.

Bitcoin mining becomes more environmentally friendly

Therefore, the above data is in line with the general trend of miners raising their ecological awareness. As the price of Bitcoin began to recover this year, several operators announced attempts to improve the mining efficiency of their mining machines.

A study in June found that renewable energy could power nearly three-quarters of bitcoin mining activity.

Hardware manufacturers are further seeking to develop new devices with more powerful functions and lower energy consumption, such as the 7nm Antminer launched by Bitmain in November last year.

Still, Bitcoin’s power consumption remains a hotly debated topic, with some claiming that the electricity consumption caused by mining is a morally reprehensible activity.