Bitcoin price and energy use for mining highly correlated: UN Report

A recent study conducted by the United Nations (UN) suggested a direct correlation between the price of Bitcoin (BTC) and the energy needed for mining operations.

The UN scientists evaluated the activities of 76 Bitcoin mining nations during the 2020–2021 period and found that the global Bitcoin mining network consumed 173.42 Terawatt hours of electricity. During this timeframe, the crypto ecosystem was undergoing a bull run, and Bitcoin rallied to mark its all-time high of $69,000. The UN report highlighted:

“A 400% increase in Bitcoin’s price from 2021 to 2022 triggered a 140% increase in the energy consumption of the worldwide Bitcoin mining network.”

At the time, fossil energy…

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