Bitcoin price is the main factor affecting mining energy consumption
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According to The Outline, Princeton computer scientist Arvind Narayanan's testimony to the Senate Energy and Natural Resources Committee indicated that the factor that really affects the energy consumption of Bitcoin mining is its price. He said: "If the price of cryptocurrency rises, more energy will be used for cryptocurrency mining; if the price falls, energy consumption will have to be reduced. In comparison, other factors are not important, and the improvement of mining hardware energy efficiency has basically no effect on energy consumption." |
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