Recent study Bitcoin research firm Batcoinz has revealed that the Bitcoin network’s zero-emission efficiency has increased by 41% since March last year, reaching up to 62%. On the other hand, the use of carbon negative sources has a -4.2% impact on the Bitcoin network’s carbon footprint.
The word carbon positive indicates Emission of carbon while an energy source provides power. Being carbon neutral or carbon free means that energy is produced by means that emit no carbon. Carbon negative energy sources, on the other hand, remove carbon from the atmosphere while producing energy, so they actually benefit overall carbon emissions.
In March 2021, 59% of the global Bitcoin network was 59% carbon positive and just 41% carbon neutral. The numbers have changed dramatically since then.
As of June 2022, the global Bitcoin network’s carbon production has dropped to 38%, while its use of carbon-free energy has reached 58%. In addition, 1.57% of him in the network started using carbon negative sources, resulting in a negative impact of 4.2% of him on the carbon intensity of the network.
Bitcoin comparison
Various studies compared bitcoin’s energy usage and carbon footprint levels to other major sectors, and bitcoin appeared to do far less harm in all of them.
Money
A study published by DePaul University in Chicago compared the gold industry to Bitcoin. The results showed that the gold industry consumed approximately 265 terawatt hours (TW/h) and emitted 145 tonnes annually.
By comparison, Bitcoin was calculated to use 113 TW/h of energy each year and release about 70 mt of carbon into the atmosphere.
banking
The same survey also included data from the banking sector. The figures show that while the banking sector has an annual energy consumption of about 700 TW/h, it emits a whopping 400 tonnes of carbon each year.
cement
Another study by Arcane Research compared the energy consumption of Bitcoin mining to cement production. The results show that in 2022, cement production used 894 TW/h of energy, while bitcoin mining consumed only 88 TW/h.
These figures are expected to rise to 6,053 TW/h for cement production and 4,238 TW/h for Bitcoin mining in 2040.
Bitcoin is greener
The Arcane Research study also revealed that the energy required to mine Bitcoin gradually decreases with every halving. The report explains that bitcoin prices are likely to rise more slowly than the block subsidy halving, reducing energy requirements.
Unless Bitcoin hits $650,000 in 2040, reports show that Bitcoin’s energy consumption won’t rise above its current rate.
In addition to the natural reduction in energy requirements, the Bitcoin community has become more sensitive to its carbon footprint. Research has revealed that renewable energy sources are also beneficial to miners as they are much more affordable. The figures show that 90% of the world’s hydropower, 40% of solar power and 75% of wind energy is cheaper than the cheapest fuel source.
Adoption of carbon-free
Companies are also increasingly adopting carbon-neutral and carbon-negative energy sources. The latest initiative in this space is from Block, Blockstream and Tesla, which partnered in May 2022 to build a carbon-free mining farm. A month before him, Marathon Digital announced that it would replace its energy sources with carbon-free ones. thing.
Paraguay, meanwhile, is trying to lure miners into the country by supporting a carbon-free mining movement. The country has brought for presidential approval a bill that would allow cryptocurrency miners to use the country’s surplus energy generated by dams.