Over 50% of Bitcoin Mining Powered by Renewable Energy Sources

  • Sergey Maga
  • 3 April, 2023 08:38
Over 50% of Bitcoin Mining Powered by Renewable Energy Sources

Bitcoin mining is becoming increasingly eco-friendly, as the majority of its power now comes from renewable energy sources. According to research by ESG analyst and investor Daniel Batten, the environmental impact of Bitcoin mining is decreasing, leading to a more sustainable future for the cryptocurrency.

Batten’s research projects a 6.2% annual growth in sustainability in terms of power used for Bitcoin mining, which will correlate with a decline in the usage of fossil fuel-based energy. Hydropower makes up 23.12% of all energy used in mining, making it the largest contributor among renewable sources. Wind energy accounts for 13.98%, while nuclear and solar power contribute 7.94% and 4.98%, respectively. Other renewable energy sources make up approximately 2.40% of Bitcoin mining.

In total, about 52.4% of all Bitcoin mining relies on renewable energy sources for its power needs. This trend is expected to continue growing in the coming years as traditional energy sources become more expensive.

However, approximately 43% of energy used in Bitcoin mining still comes from gas and coal. Batten notes that this percentage is “already exceptional” when compared to the electric vehicle industry, which generates 60% of its energy from fossil fuels.

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