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Bitcoin mining has often come under fire for its high energy consumption and negative impact on the environment. However, a recent report by independent researcher Daniel Batten reveals that Bitcoin mining is more sustainable than previously thought, with over 52.6% of Bitcoin mining powered by sustainable energy.
Source: Bloomberg Originals/Youtube
Batten’s research shows that the Cambridge Bitcoin Electricity Consumption Index (CBECI) had excluded some important factors in its calculations, leading to an understated percentage of Bitcoin’s sustainable energy usage. After taking these factors into account, including off-grid mining, flare-gas mining, and updated geographical hash rates, the sustainable energy mix calculation reached 52.6%.
This is a significant finding for Bitcoin advocates and ESG investors, who have been hesitant to embrace the cryptocurrency due to environmental concerns. The new data-driven approach to analyzing Bitcoin’s electricity usage can remove a roadblock in the minds of ESG investors and policymakers.
Batten argues that the revised findings could position Bitcoin as a leader in sustainable energy adoption across all industries. However, the research also highlights the need for continued efforts to improve the sustainability of Bitcoin mining and the broader cryptocurrency industry.
Bitcoin’s success in adopting sustainable energy practices can also serve as a model for other industries to follow. As companies increasingly focus on sustainability, it is essential to prioritize and invest in sustainable energy sources to reduce the negative impact on the environment.
Individuals can also play a role in promoting sustainable practices in the cryptocurrency industry. One way to do this is by choosing to buy and use Bitcoin from miners who prioritize sustainable energy sources. As more consumers demand environmentally friendly options, this will incentivize miners to adopt sustainable practices and reduce their carbon footprint.
In conclusion, the latest research shows that Bitcoin mining is more sustainable than previously thought, with over 52.6% of mining powered by sustainable energy. This is an important step towards promoting sustainability in the cryptocurrency industry and positioning Bitcoin as a leader in sustainable energy adoption. However, there is still work to be done to further improve the sustainability of Bitcoin mining and the broader cryptocurrency industry.
As individuals, we can Support sustainable practices by choosing to buy and use Bitcoin from miners who prioritize sustainable energy sources. Together, we can promote a more sustainable future for all industries.
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