LED Multiplexing Power Consumption

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You could also use an external resistor to drop some of the 7v before the 7805.

Or a few rectifier diodes to give a more consistent drop - eg. up to six 1N4000 series diodes or similar.
That should reduce the regulator input to somewhere around 8V on a 12V supply.
 
Or do it 'properly' and use a switch-mode regulator, you can buy tiny adjustable module ones for hardly any money from Banggood etc.
 
Oops sorry.This thread belongs to 8x24 design.My new design is 16x48 matrix That is why I started a new thread.

You should stick with the original thread - or we may need 20 posts again on this thread to agree on what average means in your context.
 
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