CBECI lowers estimate by 14% and revise calculation method

The University of Cambridge has revised the calculation method for the Bitcoin Electricity Consumption Index, making this the first major update to the indicator since 2019. The Cambridge Bitcoin Electricity Consumption Index is published by the Cambridge Center for Alternative Finance at the Judge Business School of the University of Cambridge and mainly tracks global Bitcoin energy consumption. This modified calculation method is designed to adapt to the increase in hashrate of new miners (such as Antminer S19 XP). Following the adoption of the new CBECI methodology, Bitcoin electricity consumption estimates for 2021 are significantly reduced by 15 TWh, or 14% (from 104 TWh to 89 TWh). And the 2022 estimate was cut by 9.8 TWh, or 9% (from 105.3 TWh down to 95.5 TWh).The CBECI update demonstrates their commitment to fine-tuning estimates as new evidence emerges. This report is a stepping stone towards a more accurate and detailed understanding of the environmental impact of Bitcoin mining.