The Bitcoin network's power consumption has fallen to 11 GW as of yesterday, down 27% from 15 GW in April, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI). The index, which estimates the amount of power used by Bitcoin miners, is maintained by the Cambridge Centre for Alternative Finance (CCAF). The CCAF estimates prices by determining a hypothetical maximum and minimum demand for a given day and produces a guess at actual consumption. Over the same period, the Bitcoin price has slid 53% from $44,850 at the start of April to around $21,250 on Friday morning, according to CoinMarketCap. If ... (full story)