Gamza Khanzadaev
Most of the electricity used for Bitcoin mining comes from renewable sources, the ESG analyst claims
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According to a recent report by investor and ESG analyst Daniel Batten, more than half of the energy used in bitcoin mining comes from renewable energy sources. Hydropower alone reportedly accounts for more than 23% of the energy used in mining. This is followed by wind, nuclear and solar energy with a combined share of 26.9% and 2.4% from other renewable energy sources.
As Batten himself writes, previous reports on bitcoin mining energy consumption did not consider off-grid sources, leading him to believe that the claim that coal dominated the process was wrong. In fact, the share of coal in BTC mining is 22.92%, while gas, which is also a fossil fuel, accounts for 21.14%. Comparing mining to electric vehicles yields the same amount of gas used to mine BTC, but 38% less coal as an energy source, Batten analyses.
As an outlook for the future, the analyst also expects that the share of fossil fuels in BTC mining will decrease. According to Batten’s BEEST model, the share of the renewable parts of the Bitcoin network will increase by about 6.2% per year. Increased use of water, sun and wind in mining will likely mean a corresponding decline in the share of coal, gas and other fossils, he concludes.
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