April 19, 2024
Bitcoin Mining Surges to 54.5% Sustainability
Bitcoin News

Bitcoin Mining Surges to 54.5% Sustainability

The Bitcoin ESG Forecast report has disclosed that the utilization of sustainable energy in Bitcoin (BTC) mining has reached a record high of 54.5%, marking a 3.6% increase throughout the calendar year of 2023. The analysis, conducted by The Bitcoin ESG Forecast, examined data from its Bitcoin Energy and Emissions Sustainability Tracker (BEEST) model. The report compared Bitcoin’s sustainable energy composition to that of various industries using publicly available data spanning the past four years.

Presently, Bitcoin mining stands out as the leading consumer of sustainable energy, constituting 54.5% across various subsectors. Notably, Bitcoin achieved a 3.6% boost in sustainable mining in the calendar year 2023 when juxtaposed with other global industries.

The Bitcoin ESG Forecast report highlighted the discovery of off-grid Bitcoin miners utilizing methane emissions. Certain small oil producers in Canada and the U.S. acquire permits to flare natural gas, some of which vent methane directly, posing challenges in detection. Nevertheless, innovative mining companies leverage vented methane to generate electricity for Bitcoin mining, resulting in a diminished environmental impact compared to venting it into the atmosphere. Consequently, the Bitcoin network has achieved a groundbreaking 7.3% mitigation of all emissions without relying on offsets—a new pinnacle and the highest level of non-offset-based emission mitigation within any industry.

The report noted additional advancements in off-grid renewable mining, including Tether’s foray into hydro mining in Latin America and the unearthing of more off-grid methane-mitigating mining initiatives. These developments signify that the Bitcoin network now employs more sustainable energy than ever before.

Following the prohibition of mining activities in China and its effective restriction in Kazakhstan, miners predominantly shifted operations to greener grids in North America or sustainable off-grid locations. The report highlights a positive trend in global grids, becoming greener at a rate of 0.7% annually, resulting in a notable 29% improvement in emission intensity for on-grid Bitcoin miners compared to 2021.

The Bitcoin ESG Forecast report concludes that the cryptocurrency’s commitment to sustainable practices and the adoption of greener alternatives contribute to its growing environmental conscientiousness, a positive trajectory that aligns with global sustainability goals.

Photo by Leeloo Thefirst

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