I have implemented arduino uno schematic on a breadboard to interface mpu6050 and hc05 bluetooth module.How can i reduce the power consumption of the circuit so that the equipment should last for a min of 5-6 hrs for continuous usage. First of all how should i calculate the power consumption of the equipment.
You should be able to calculate the power consumption using one of these equations
http://www.delorie.com/electronics/ohmslaw.html
If you need 100% continuous usage then you will not be able to reduce the power consumption.
This is a problem faced by all battery powered electronics. The solution is to give the illusion of continuous operation by making the circuitry alternate between active and sleeping states.
Here is a great guide on power saving techniques for Arduino. Also, you can put the MPU6050 to sleep.