Along with the decrease in hash rate and the activity of Bitcoin miners in the last two weeks, the daily electricity consumption of this digital currency's network has also reached its lowest level since the beginning of this year. An issue that shows the low acceptance of Bitcoin mining at current prices.

According to Cointelegraph, the total electricity consumption of the Bitcoin network has experienced a sharp fall at the same time as the two-week drop in the hash rate; The drop that has brought the hash rate in the Bitcoin network to 199.225 exahes/second.

According to data published by Cambridge University's Center for Alternative Finance, the daily electricity consumption of the Bitcoin network has now reached its lowest level since the beginning of 2022 at 10.65 gigawatts. It should be mentioned that the Bitcoin network consumed something equivalent to 16.09 gigawatts of electricity per day at its peak.

Various media previously published a report that the processes related to the traditional banking sector consume 56 times more energy than the Bitcoin network.

The main researcher of this report, whose name is Michel Khazzaka, said:

The Lightning Network and the Bitcoin Mainnet are both excellent and efficient technologies that have the necessary merits for large-scale development. This technical initiative has appeared bright, efficient and powerful enough to be widely adopted.

The sudden decrease in demand for electricity consumption in the Bitcoin network can be attributed to the fall in the hash rate in recent days. Hash rate is one of the most key criteria in examining the security status of the Bitcoin network, which measures the total processing power of miners involved in the mining process.

The hash rate of the Bitcoin network, which reached its highest level on June 13 at 231,428 exahes/second, continued to decline by 13.9% within two weeks. The latest data from the hash rate distribution also shows that the "F2Pool" and "AntPool" pools, with 81 and 80 blocks mined, respectively, had the largest share of the Bitcoin network's gains in the last four days.

It is interesting to know that recently, a group of researchers with direct investment from the American government has designed a stable digital currency called "E-Stablecoin" that can be used to transfer energy to different geographical locations under conditions similar to the transmission of information on the Internet, i.e. without the need for cables.

According to the information that has been made available to the public so far from this innovation, issuing or mining each unit of E-Stablecoin depends on importing 1 kilowatt hour of electricity and paying a fee, and then it can be bought and sold like any other digital currency.