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Most of the electricity used in bitcoin mining comes from renewable sources, according to. research by ESG analysts and investors Daniel Batten.
Climate activists and politicians have long criticized mining’s environmental impact, but recent research shows Bitcoin is bringing renewable energy to the table at an unprecedented rate. .
Batten predicts a 6.2% annual increase in sustainability when it comes to the electricity used to mine bitcoin. This correlates with reduced use of fossil fuel-based energy.
water
Almost a quarter of all Bitcoin miners use water as a power source for their setup. Hydropower accounts for 23.12% of all energy used in mining.
Additionally, wind power is used to generate 13.98% of electricity for Bitcoin mining, while nuclear and solar account for 7.94% and 4.98%, respectively, of the total electricity used in mining. Other renewable energy sources are used in about 2.40% of Bitcoin mining.
Overall, about 52.4% of all Bitcoin mining relies on renewable energy for its power needs, and this trend is expected to continue growing as traditional energy sources become increasingly expensive. increase.
Fossil fuel
Meanwhile, about 43% of all energy used in Bitcoin mining is still generated by gas and coal. But Batten says the electric vehicle industry still uses a global grid mix, generating 60% of its energy from fossil fuels.
By contrast, 43% are “already exceptional,” says Batten.
The methodology used to calculate the percentages is shared in the research report and does not cover 100% of Bitcoin mining setups in the world.
