As its emissions intensity decreases, the Bitcoin mining industry is becoming increasingly sustainable. Indeed, most miners are now opting for sustainable energy sources and more energy-efficient equipment.
The intensity of greenhouse gas emissions generated by Bitcoin mining has just fallen to an all-time low. At least that's what researcher Daniel Batten revealed in a tweet published this Monday, April 3.
Citing data from Woo Charts, the researcher says that BTC mining now generates fewer greenhouse gas emissions per unit of energy consumed. "Within three years, Bitcoin is expected to cut its greenhouse gas emissions per kWh in half," he estimates.
"No other industry has been able to reduce its emissions intensity as quickly," the analyst says.
According to him, the drop in greenhouse gas emissions intensity can be explained by two factors. First, the majority of Bitcoin miners are now using greener energy sources. Second, crypto mining hardware has become much more efficient.
If the data shared by Daniel Batten is to be believed, the sustainability of Bitcoin mining has decreased slightly, but it remains close to its peak of 54%.
That said, the researcher believes that this figure is still very satisfactory. Especially since half of the Bitcoin network's hash rate comes from sustainable energy sources.
It is worth noting, however, that total emissions have increased over the past two weeks. An increase that can be explained by the spike in the hash rate (but without a significant increase in methane emissions).
As reported by BeInCrypto, Bitcoin mining has become 🚗 more environmentally friendly than electric cars. Indeed, hydroelectric power is the primary source of energy for the Bitcoin network, according to Batten.
"Fossil fuel sources are decreasing by 6.2 percent per year since January 2020," he notes.
Despite this progress, legislators and environmentalists continue to make life difficult for 🏢 crypto mining companies. Recently, 🤠 Texas, which was once considered the Eldorado of Bitcoin miners, launched a large-scale crackdown on mining companies. Yet Lonestar, a city that is part of the state of Texas, has just approved a bill allowing Bitcoin mining.
According to the University of Cambridge, the BTC network currently consumes about 140 TWh per year. While this number may seem impressive, it is still very low compared to the 206 TWh lost in the U.S. due to transmission and distribution problems in the power grid.
Furthermore, the average hash rate of the grid currently stands at 349 exahashes per second (EH/s). This is fast approaching its all-time high of 398 EH/s, which was reached on March 24.
Similarly, Bitcoin's mining difficulty recently hit a record high of 46.8 T, meaning that the competition is very tough.
Finally, with earnings of $0.078 per day per TH/s, the profitability of Bitcoin mining is nowhere near.
Moral of the story: Bitcoin is getting greener and greener, let's hope its chart does too.
source : https://fr.beincrypto.com/marches/163566/minage-bitcoin-devient-plus-ecologique-que-jamais/