Researchers from Cambridge have revised the methodology and updated the data of their index of power consumption by the Bitcoin network. According to the updated information, miners from China still provide a meaningful share of the computing power of the first cryptocurrency’s blockchain.
The Cambridge Bitcoin Electricity Consumption Index (CBECI) has been updated, its developers announced. In particular, the methodology for analyzing the data was revised for the first time since the launch of the analytical tool in 2019. This was due to the emergence of data on the periodic overestimation of the fixed level of electricity consumption for BTC mining.
The updated methodology takes into account changes in equipment allocation and increases in hashing speeds. The researchers faced a lack of actual data about the equipment used, so the updated methodology models it based on information about the performance and power consumption of real equipment. It also considers the updating of mining device models and the gradual breakdown of used devices.
The updated methodology has improved the accuracy and reliability of the index estimates. According to the CBECI data, the leaders in terms of hash rate share include:
- USA — 37.8%;
- China — 21.1%;
- Kazakhstan — 13.2%.
The Chinese authorities have officially banned all crypto transactions but are actively supporting and developing the blockchain sector. The United States has taken a significant share of the market against the backdrop of the mass leaving of mining companies from China in 2021, which occurred amid the ban on all operations with cryptocurrency. In the U.S., BTC mining is actively supported by big capital, which is especially evident recently with the latest investment by BlackRock.
