Bitcoin Mining is Mostly Sustainable, Report Finds

Learn about the sustainability of Bitcoin mining and the growing use of green energy sources. Discover how factors such as improved mining efficiency and a shift towards sustainable sources are reducing carbon emissions in the industry.

Posted 8 months ago in Bitcoin

An image of green energy sources powering Bitcoin mining rigs.

A new report has revealed that Bitcoin mining is mostly sustainable, debunking environmental concerns surrounding the industry. The report, put forth by Bloomberg Intelligence analyst Jamie Coutts, highlights the increasing use of green energy in the mining sector. According to the data, more than 50% of the power used by the industry now comes from sustainable sources.

Coutts attributes this shift to a combination of increased machine efficiency and a growing sustainable energy mix. Factors such as improved mining rigs and a decrease in coal-powered Bitcoin usage, including China's mining ban and Marathon's reduced mining activity, have contributed to the drop in carbon emissions.

While estimating Bitcoin's carbon emissions and overall power draw remains a developing science, the report suggests that the industry's sustainable energy mix is expanding. Off-grid renewable miners, transitioning to sustainable sources, mining utilizing the Texas grid, and less mining in Kazakhstan are identified as key factors driving Bitcoin's greenification.

However, it is important to note that there are still challenges in accurately measuring the impact of off-grid mining. Some experts argue that the environmental concerns surrounding Bitcoin mining are overstated, while others maintain that more progress is needed to ensure a truly sustainable industry.

Last updated 9/15/2023, 8:05:12 PM


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