Bitcoin mining is a lot less environmentally friendly than industry data suggests, according to a new report. 👀
Bitcoin mining is a lot less environmentally friendly than industry data suggests, according to a new report.37.6% of the energy used by the Bitcoin blockchain comes from sustainable sources.
But the CCAF's findings also undermine claims that Bitcoin's carbon footprint is comparable to some of the world's biggest economies. "For some, Bitcoin is a calamity that will undo decades of environmental progress and could push global warming above 2C. Proponents counter that Bitcoin could actually help combat climate change and provide a variety of other benefits. Observing the arguments of both sides, some claims seem rather far-fetched and based on oversimplifications, while others are based on scant information.
But interestingly, total greenhouse gas emissions for this year are projected to be 14% lower than in 2021 — and this can be linked to a "substantial decrease in mining profitability." The largest sustainable energy source out there is hydropower, accounting for 14.9% of the total electricity that's used by miners.
"While in countries like Sweden the share of sustainable energy sources in electricity generation is about 98%, countries like Kazakhstan still rely heavily on fossil fuels, and sustainable energy sources only account for less than 11% of the electricity mix."
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