Since the past few years, the SHA256 hashrate of Bitcoin has been growing rapidly and in the year 2020, the processing power of the network has reached an all-time high.
As per the reports, in today's time, the bitcoin mining industries consume as much of electrical power as of seven nuclear power plants combined.
The miners involved bitcoin mining compete with each other to generate block rewards. While doing so, they plug-in the equipment to consume the electricity as it hashes away at the consensus algorithm of the Bitcoin network.
It is to be noted that the miners have moved to the third generation mining machines in the form of ASIC mining rigs which are capable of producing high output and give miners a better chance at receiving a portion of the block reward.
Further, it has been mentioned that in remote areas the solo miner could not enjoy these facilities, therefore, they join a mining pool to generate bitcoin rewards.
The total amount of blockchain hashrate is equal to the aggregated total of all the bitcoin miners around the world. Currently, the hashrate of the Bitcoin network is around 120 exahash per second. (EH/s).
Although the researchers can not tell the exact amount of electricity consumed by the entire network, they have found an estimate for it. Tokensight recently published a 2020 mining research indicating that this year the miners have paid $0.03 to $0.05 for consuming electricity.
According to Tokensight’s report, by the end of March 2020, every single Bitcoin that has been mined by the miners cost around $7,577.51.
Additionally, it has been mentioned that mining a single Bitcoin offers a profit margin of around $4184 to the miners at present.