- New research shows that Bitcoin miners use more than 50% of clean energy sources.
- This is the first time this is happening.
Bitcoin mining is an activity that receives much criticism from people. So, the issue here is that there are always accusations of carbon emissions. But this is the past, as there are significant changes in energy use.
Bitcoin Mining Clean Energy Usage Increases
- New research shows that the amount of clean energy that miners utilize for mining is on the increase. So, this is according to the words of Bloomberg cryptocurrency market analyst Jamie Coutts’ challenges. According to this analyst, the criticism that Bitcoin plays a major role in global carbon emissions might be a myth at the moment. Moreover, we previously put up coverage of how Bitcoin mining is helping the world to convert wasting energy sources into useful ones. The new research from Jamie Coutts shows this sector is becoming increasingly environment friendly.
- For the first time since the history of mining, clean energy usage for this activity is now more than 50%. So, the most important thing here is that it shows how miners are adopting more sustainable solutions such as off-grid power and gas flare and immigrating to less fossil fuel-intensive regions.
The result of the Use of Clean Energy in Bitcoin Mining
- The use of clean energy in mining Bitcoin has many positive changes. So, one of the most apparent results of using clean energy is the reduction of emissions due to mining activities. The hash rate of the Bitcoin mining network is also on the increase. So, whenever there’s an increase in the hash rate of the Bitcoin network, it signifies an increase in the processing power of miners.
- While making his claims in his research, Jamie Coutts used some data from the University of Cambridge. So, this data shows a reduction in the carbon emissions of Bitcoin mining. One of the latest actions by this university is the revision of its forecast for 2022 electricity consumption from Bitcoin mining from 105.3 terawatt-hours (TWh) to 95.5 TWh. So, the reason behind this revision is that a review of Bitcoin mining activities shows a drastic reduction in carbon emissions.
Bitcoin Using More Renewable Energy Sources
- According to the analysis by Jamie Coutts, there’s a major thing to note about the mining of Bitcoin. So, the reduction in the carbon emissions of Bitcoin means one thing. It means that Bitcoin mining is deploying more renewable energy sources.
- One of the benefits of this is that there will be a reduction in solar and wind energy prices. “Bitcoin mining as a source of revenue from excess energy can support this transition,” Jamie Coutts said in his analysis.
Conclusion
Bitcoin mining is a major topic concerning the crypto industry. One of the things that people say about this activity is that it is affecting the environment drastically. However, there are new changes. New research shows that this mining activity uses more than 50% of clean energy sources for the first time.
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