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Cambridge Bitcoin Energy Consumption Index lowers estimate by 14%, revises methodology

cyptouser11 months ago285
Cambridge Bitcoin Energy Consumption Index lowers estimate by 14%, revises methodology

The Cambridge Bitcoin Electricity Consumption Index (CBECI), which tracks global Bitcoin energy consumption, has undergone its first major update since 2019, influenced by evidence pointing to frequent overestimating Bitcoin’s electricity usage.

A new report is said to shed light on the evolution of Bitcoin mining and to clarify the rationale behind the changes in CBECI’s methodology, providing an in-depth analysis of the transition of Bitcoin mining hardware – from CPUs to GPUs, then FPGAs, and finally to the current state-of-the-art ASIC miners.

Mining efficiency evolution.

The CBECI noted that the efficiency of ASICs experienced a rapid surge initially but has since seen a tapering in growth as we reach the limitations of semiconductor technology. This slowdown has direct implications on the lifespan of miners, affecting the assumed replacement cycles, with estimates ranging from 1.5 years (academia) to 3-5+ years (industry).

Its methodology has been revised to account for this increased computing power of newer models, such as the Antminer S19 XP, which boasts a 140 TH/s capacity compared to the 11.5 TH/s of the 2016 Antminer S9.

CBECI further asserted that the introduction of ASICs triggered an exponential growth in Bitcoin’s hashrate, from less than 1 EH/s in 2010 to over 300 EH/s in early 2023, revolutionizing mining from a home computer activity to a professional endeavor.

Hashrate growth.

While a higher hashrate enhances Bitcoin’s security, it also escalates mining difficulty and the computing power necessary to earn block rewards. Comprehending these drivers of hashrate growth was reportedly crucial to reevaluating the CBECI methodology.

According to the report, investigations into hashrate growth factors revealed a strong correlation between the increase in imported mining hardware to the US and the overall network hashrate growth. Additionally, sales data from Canaan Creative indicated that their latest models accounted for nearly 45% of their hashrate sales in 2021, suggesting that these more efficient models likely contribute more to hashrate growth than previously assumed by the CBECI methodology.

Upon applying the new CBECI methodology, the 2021 estimate was significantly reduced by 15 TWh, or 14% (from 104 TWh down to 89 TWh), and the 2022 estimate was cut by 9.8 TWh, or 9% (from 105.3 TWh down to 95.5 TWh).

Cambridge Bitcoin Energy Consumption Index lowers estimate by 14%, revises methodology
The Cambridge Bitcoin Electricity Consumption Index (CBECI), which tracks global Bitcoin energy cons...

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Friend.tech founders have controversial ties to failed NFT project Kosetto

cyptouser11 months ago265
Friend.tech founders have controversial ties to failed NFT project Kosetto

Information on social media platform X(formerly Twitter) suggests that Friend.tech founders 0xRacerAlt and Shrimppepe have connections to a failed NFT project, Kosetto.

Kosetto NFTs

Kosetto is a tradeable NFT wearables project launched last December on Ethereum. The project, which consisted of 1,689 items, sparked significant excitement with users flooding social media platforms with posts about it. However, after it had introduced a Chrome extension for its NFTs in January, the project went silent in February after promising that “something big was coming.”

OpenSea’s data shows that the floor price of the collection is currently 0.01 ETH, around $17. The last sale for the NFTs occurred in February, with its total sales volume at only 5 ETH.

As of press time, Kosetto’s website was unavailable, displaying an Error 402.

Describing the project’s sudden demise, Justin Kalland, the Vice President of Innovation at Horizen Labs Ventures, said:

“The entire thing just disappeared, last update was in January that a Chrome extension was available. No communication or warning to users.”

Link to Friend.tech founders

On X, several crypto community members have pointed out that the struggling NFT project was linked to the Friend.tech founders.

Kalland pointed out that a search of 0xRacerAlt’s tweet shows that they have deleted several links to the NFT project and that the Friend.tech founder held an official position on Kosetto Discord.

CryptoSlate confirmed that 0xRacerAlt and Shrimppepe play an active role in Kosetto’s Discord community.

Friend.tech founders have controversial ties to failed NFT project Kosetto
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