In this study, energy dissipation characteristics of covalently-bonded stochastic carbon nanotube (CNT) networks are comprehensively studied by means of molecular dynamic simulations. A previously-developed stochastic algorithm is used to generate three distinct numerical specimens which are subjected to two cycles of compression and relaxation for three different compression ratios with varied strain rates. One of the significant findings obtained in this study demonstrates that covalently-bonded stochastic CNT networks exhibit hysteretic stress - strain relationships and dissipate a significant portion of the energy absorbed during compression. Furthermore, it is observed that the hysteretic behavior of the covalently-bonded stochastic CNT network is enhanced by increasing the strain rate. Hence, the amount of energy dissipated by the covalently-bonded stochastic CNT network increases as the strain rate increases.