Bitcoin mining is now greener than the technology used by electric vehicles under certain conditions. Regardless, the mining industry is becoming increasingly sustainable.
Data about Bitcoin mining shows that it is now greener than the technology used by electric vehicles (EV).
Daniel Batten, a researcher in the crypto industry, shared insights that when taking into account off-grid mining into account, the major energy source for Bitcoin mining is hydro energy. This figure stands at 23%.
Batten first referred to a report by the Cambridge Centre for Alternative Finance (CCAF), which pointed out that the major energy source was coal when not considering off-grid mining. However, that report did state that it did not factor in off-grid mining.
He notes that, unlike EVs, Bitcoin mining is not 100% tethered to the grid, whereas EVs “will be bound by the sustainability of the grid it happens to be on.” In this case, if EVs are distributed globally proportionally, the industry would “mirror global grid-mix and therefore to have coal as their major energy source (36.7%), followed by gas (23.5%).” The takeaway is that Bitcoin mining uses less coal — about 38% less.
Examples of companies that provide sustainable mining solutions include OceanFalls, Blockfusion, Hut8, Iris, Sato, Terawulf, Statar/Lake Parime, Gridshare, and HPG. Sustainable Bitcoin mining is on the rise and should also force a reduction in using non-renewable energy sources in the future.
Sustainable Energy for Bitcoin Mining on the Rise
Batten was keen on emphasizing the environmental picture of Bitcoin’s energy usage painted over the past year was not entirely accurate. On Twitter, Batten said that BTC mining is the only major global industry whose major energy source is not a fossil fuel.
With hydroelectric energy being Bitcoin’s major power source, it’s clear that Bitcoin is becoming greener. “Fossil fuel sources have been decreasing at a combined 6.2% per year since January 2020”, he notes. This is in line with more recent reports, which have stated that sustainable energy now powers 52.6% of Bitcoin mining.
Skull of Satoshi Becomes a Mascot
The crypto community has been amping up its efforts to support clean energy usage for Bitcoin mining. It has even attracted the attention of Greenpeace USA, which recently tweeted about the Skull of Satoshi being the mascot for Bitcoin’s reliance on fossil fuels.
The mascot was created by environmentalist and artist Benjamin Von Wong, who said that it was a phenomenal accident. He notes that there is a lot of heated discussion surrounding the mascot but encourages individuals to fight for what is good— ensuring that Bitcoin brings fairer financial inclusion while also reducing its dependence on non-renewable energy.
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