Crypto intelligence firm, Coin Metrics, has proposed a more precise approach to measuring Bitcoin's energy consumption by scanning the blockchain for clues to link activity on the network to specific high-powered machines.

Researchers at Coin Metrics can better deduce Bitcoin's overall electricity consumption by examining data from miners' constant stream of guesses and matching them up with the unique profile produced by certain machines.

The report also aims to capture data for miners to compare their rigs' efficiency against the competition. Coin Metrics has also developed a new method to estimate the amount of electronic waste generated by cryptocurrency mining, which could lead to more data-based discussions about Bitcoin's energy use and environmental impact.