According to TradingPlatforms.com, over 50 per cent of Bitcoin mining is now using clean energy sources. This shift towards renewable energy is expected to continue as more miners seek to reduce their carbon footprint in the coming years.
Bitcoin mining has been a controversial topic for years due to concerns about its environmental impact. In 2022, it was estimated that Bitcoin mining could account for up to 0.1 per cent of global greenhouse gas emissions. This has prompted many to seek alternative sources of energy for their operations.
In a blog post on the Tradingplatforms.com website, financial analyst, Edith Reads, commented on the data saying: “Bitcoin mining is powered by renewable energy, such as wind, solar and hydroelectric power, as well as nuclear energy. By using these clean energy sources instead of traditional fossil fuels, Bitcoin mining is more sustainable and has a lower environmental impact.”
According to the blog post, emissions from mining cryptocurrency have been criticised for their impact on global warming. In 2020, Bitcoin mining was estimated to have used 75.4 terawatt-hours of electricity, more than the country of Austria. This energy consumption has an environmental impact and generates high carbon emissions.
“Miners have the opportunity to shift from traditional fossil fuels to renewable energy sources. This could help reduce emissions and make Bitcoin mining more sustainable in the long run,” continued Reads.
The shift towards renewable energy use in mining can be attributed to several factors, including the decreasing cost of renewable energy and the increasing awareness of the environmental impact of Bitcoin mining.
Some mining companies are also taking steps to reduce their carbon footprint. For example, Bitmain recently announced plans to switch its operations to renewable energy sources such as wind and solar power.
Overall, the increasing use of renewable energy in Bitcoin mining is a positive development for the industry’s sustainability. While some challenges remain, such as the need for renewable energy infrastructure and regulatory support, the shift towards clean energy use in mining is a step in the right direction.
As the cryptocurrency industry continues to grow and evolve, prioritising sustainable practices and minimising its environmental impact will be essential. With more research and investment in renewable energy infrastructure, Tradingplatforms.com said that the industry can continue to become more sustainable and contribute positively to the global push for a clean energy future.