Sustainable Bitcoin Mining: Reducing Carbon Footprints One Block at a Time
According to recent data, Bitcoin mining has become more environmentally friendly than electric vehicle technology in certain circumstances. However, the mining industry is still making strides toward sustainability.
Researcher Daniel Batten has noted that when off-grid mining is taken into account, hydro energy is the primary energy source for Bitcoin mining, making up 23% of the total energy consumption.
This contrasts a previous report by the Cambridge Centre for Alternative Finance, which found that coal was the major energy source for Bitcoin mining when off-grid mining was not considered.
Unlike electric vehicles, Bitcoin mining is not solely reliant on the grid and is, therefore, not as tied to the sustainability of the energy grid.
If electric vehicles were distributed globally in proportion to current energy sources, they would mainly rely on coal (36.7%) and gas (23.5%) as energy sources. In comparison, Bitcoin mining uses 38% less coal than electric vehicles.
Several companies, including OceanFalls, Blockfusion, and Terawulf, are responsible for providing sustainable mining solutions. The growth of sustainable Bitcoin mining is expected to reduce non-renewable energy usage in the future.
Recent reports suggest that sustainable energy sources now power 52.6% of Bitcoin mining, and the crypto community has been increasingly focused on supporting clean energy usage.
Environmentalist and artist Benjamin Von Wong created the Skull of Satoshi as a mascot for reducing Bitcoin’s reliance on fossil fuels, emphasizing the importance of fighting for fair financial inclusion while reducing non-renewable energy consumption.