Bitcoin Mining is now more sustainable than ever before
Bitcoin mining becomes more sustainable as emission intensity decreases. More miners are now using sustainable energy and hardware efficiency has improved.
The emission intensity of Bitcoin mining has fallen to its lowest level ever, according to Woo Charts. Climate technology investor and activist Daniel Batten released the findings on April 3.
According to the chart, BTC mining now produces less energy emissions compared to energy consumption. Batten predicted that Bitcoin is on track to halve emissions per KWh within three and a half years.
“No other industry is reducing emissions intensity so quickly,” he added.
Furthermore, there are two primary reasons for the drop in emission intensity. The majority of Bitcoin miners now use sustainable energy sources. Second, mining hardware has become much more efficient.
Bitcoin Mining Sustainability Near Peak
The researcher added a chart of sustainable Bitcoin mining. This has dropped a small fraction, but remains close to its peak of 54%.
He said it remains high because a large percentage of new hash rate entering the network is sustainably powered.
As a result, more than half of the network is powered by clean energy.
Furthermore, the total emissions have increased in the last fortnight. This is due to an increasing hash rate without a significant increase in mining activity from flared or vented methane.
As reported by BeInCrypto in late March, Bitcoin mining is now greener than electric vehicle technology. Hydropower is Bitcoin’s main source of power, according to Batten.
“Fossil fuel sources have declined by a combined 6.2% per year since January 2020,” he noted.
Yet lawmakers who continue to crack down on the industry have not recognized the improvements in energy efficiency. Mining mecca Texas has seen backlash against mining companies despite a recent bill recognizing the right to mine BTC in the Lonestar state.
BTC Mining Ecosystem Outlook
According to Cambridge University, the BTC network currently uses around 140 TWh per year. However, this is still less than the 206 TWh per year lost in the US due to transmission and distribution.
The average hash rate for the network is currently at 349 exahashes per second (EH/s). This is not far off the March 24 all-time high of 398 EH/s, according to BitInfoCharts.
In addition, network difficulty, which measures competition between miners, is at an all-time high of 46.8T.
Finally, profitability remains low at only $0.078 per day per TH/s.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to objective, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify the facts independently and consult with a professional before making any decisions based on this content.
