Let N ≥ 3 be a composite, odd, and square-free integer and let Γ be the principal congruence subgroup of level N . Let X(N ) be the modular curve of genus gΓ associated to Γ. In this article, we study the Arakelov invariant e(Γ) = ω 2 /ϕ(N ), with ω 2 denoting the self-intersection of the relative dualizing sheaf for the minimal regular model of X(N ), equipped with the Arakelov metric, and ϕ(N ) is the Euler's phi function. Our main result is the asymptotics e(Γ) = 2gΓ log(N ) + o(gΓ log(N )), as the level N tends to infinity.