Bitcoin mining using sustainable energy reaches more than 50%

Bitcoin mining is now greener than the technology used by electric vehicles under certain conditions. In any case, the mining industry is becoming increasingly sustainable.

Bitcoin mining data shows that it is now greener than the technology used by electric vehicles (EVs).

Daniel Batten, a researcher in the crypto industry, shared insight that when taking into account off-grid mining, the main source of energy for Bitcoin mining is hydropower. This figure is 23%.

Batten first referred to a report by the Cambridge Center for Alternative Finance (CCAF), which pointed out that the main energy source was coal when off-grid mining is not considered. However, the report stated that it did not take offline mining into account.

He notes that, unlike electric cars, Bitcoin mining is not 100% tied to the grid, while electric cars “will be tied to the sustainability of the grid it happens to be on.” In this case, if EVs are distributed globally proportionally, the industry will “mirror the global grid mix and therefore have coal as its main energy source (36.7%), followed by gas (23.5%).” The takeaway is that Bitcoin mining uses less coal – about 38% less.

Examples of companies providing sustainable mining solutions include OceanFalls, Blockfusion, Hut8, Iris, Sato, Terawulf, Statar/Lake Parime, Gridshare and HPG. Sustainable Bitcoin mining is on the rise and should also force a reduction in the use of non-renewable energy sources in the future.

Sustainable Energy for Bitcoin Mining on the Rise

Batten was keen to emphasize that the environmental picture of Bitcoin’s energy use painted over the past year was not entirely accurate. On Twitter, Batten so that BTC mining is the only major global industry whose main energy source is not fossil fuel.

With hydropower being Bitcoin’s main power source, it’s clear that Bitcoin is getting greener. “Fossil fuel sources have declined by a combined 6.2% per year since January 2020,” he notes. This is in line with recent reports, which have stated that sustainable energy now powers 52.6% of Bitcoin mining.

Skull of Satoshi becomes a mascot

The crypto community has stepped up efforts to support clean energy use for Bitcoin mining. It has even attracted the attention of Greenpeace USA, who recently tweeted that the Skull of Satoshi is the mascot for Bitcoin’s dependence on fossil fuels.

The mascot was created by an environmentalist and an artist Benjamin Von Wong, who said it was a phenomenal accident. He notes that there is a lot of heated discussion surrounding the mascot, but encourages individuals to fight for what is good – to ensure that Bitcoin provides fairer financial inclusion while reducing reliance on non-renewable energy.