Bitcoin’s Eco-Friendly Evolution: Redefining Mining’s Impact on the Planet
Recent research shows that the environmental, social, and governance (ESG) features of Bitcoin mining are improving.
Despite this, mainstream media still portrays it as a threat to the planet. According to David Batten, a climate technology venture capitalist, the efficiency of Bitcoin mining is increasing.
Working with on-chain analyst Willy Woo, they created four Bitcoin ESG charts to support their findings.
So @DSBatten dropped by yesterday. We spent a day translating his work into live charts to keep easy tabs on #Bitcoin's carbon footprint, especially for people shaping policy where this data is critical.
Daniel extrapolates #Bitcoin goes carbon negative in 4 years.
This means… pic.twitter.com/AhOM4WH2hN
— Willy Woo (@woonomic) March 7, 2023
Bitcoin mining sustainability has been steadily improving for the past two years and 52.6% of BTC mining now uses sustainable or renewable energy.
Since China banned Bitcoin mining, the rising emissions trend has reversed, and emissions per dollar of market capitalization are decreasing. Unlike the global financial system, Bitcoin’s market cap can grow while emissions decrease.
READ MORE: Bitcoin: Analyst Shares Price Target for Next Bull Market
Moreover, Bitcoin mining is becoming more energy efficient, producing fewer emissions than its consumption. China’s mining ban has been advantageous for the industry, with Iceland and Norway emerging as hubs with totally renewable energy production.
Strict energy usage regulations in the U.S. and Canada also lead to more mining companies using sustainable energy.
Despite the increase in network horsepower and mining difficulty, mining profitability remains low, and miners struggle to profit, irrespective of their energy source.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
