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.
Green Bs
READ MORE: EU Lawmakers Set Limits on Unverified Crypto Users
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.
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.
