Bitcoin mining emissions down 10% as Kazakhstan’s hash rate share decreases

Hull Invest

ClimateTech Vice-Chairman Daniel Batten recently reported that Kazakhstan’s share of the global Bitcoin (BTC) hash rate will drop to 6.4% after the first quarter of 2022, with a 10% carbon footprint for the entire network. Decreased. analysis.

Batten said the mainstream media did not disclose this impact, which proves that the Bitcoin network “continues to track in the right direction.”

Changes in the BTC network

As Batten shared, the BTC network currently relies on zero-emission energy resources that account for 52.2% of the network’s energy usage. This marks a 2.9% increase in his clean energy usage since the beginning of 2022. The remaining 47.8% still use fossil fuels, contributing to carbon dioxide emissions.

Current state of the BTC network
Current state of the BTC network

Here is a picture where Kazakhstan currently accounts for 6.4% of the global hashrate. The country made up her 18% of the world’s share at the beginning of 2022.

If that percentage were maintained, 50.7% of the current BTC network would be fossil fuel dependent and only 49.3% would consume zero-emission resources. Batten said this was the case because his 79.6% of Kazakhstan’s power grid is fossil fuel-based, most of which is coal.

Batten wrote:

“The difference in emissions is even more significant. At 18%, emissions are 36 Mt CO2-e. But at current levels, emissions are 32.4 million tonnes.

That’s a 10% emission reduction. “

Kazakhstan Global Hash Rate Share

Kazakhstan’s cool climate and abundant coal resources have made it a mining paradise. His 18% share of the world’s hashrate makes Kazakhstan second after him with the most mining activity in late 2021.

However, with the energy crisis beginning towards the end of 2021, energy costs have started to skyrocket in the country. Since then, the problem has continued to worsen as the country sacrificed miners to survive. Powered down miners and tightened rules on miner energy consumption. In July 2022, the country introduced a differentiated tax rate based on miners’ energy consumption.

All these decisions halted domestic mining activity and reduced Kazakhstan’s global hash rate share by 11.6%.

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