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Bitcoin per-transaction power consumption still remains shockingly high despite dropping by 58% in July 2024 according to an exclusive analysis by NewsworthyData on Bitcoin per-transaction electric power consumption.
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“The team of BestBrokers devised a methodology to calculate the portion of electric power used in Bitcoin mining, responsible just for the transaction fees,” says Martin Cohen, Data Scientist, NewsworthyData.
Here is a line chart of the daily per-transaction power consumption in kWh since the beginning of June:
We can see that the average electric power used for a Bitcoin transaction dropped by nearly 58% from 46.3 kWh in June to 19.6 kWh in July. Despite this drop, nearly 20kWh is still a lot of electricity. It is enough to power:
- 11,011 VISA transactions
- A Tesla Model 3 run for 82 miles
- Charging an iPhone 15 daily for over 4 years
The calculation methodology we devised uses a lot of variables, such as total network hashrate, number of daily transactions, fees per transaction and the average power consumption of mining hardware. You may find it here.
The conclusion we can make from looking at the above chart is that when the market is hot people tend to bump up the transaction fee when sending BTC in hopes their transaction will get confirmed on the blockchain faster, so they don’t end up losing due to the large volatility.
You may find the raw data we used in this report in this Google sheet.
All graphics and data for this publication:Â link to their website.
