{"id":157479,"date":"2023-09-17T14:50:06","date_gmt":"2023-09-17T09:20:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=157479"},"modified":"2023-09-17T14:50:06","modified_gmt":"2023-09-17T09:20:06","slug":"is-bitcoin-mining-really-greener-heres-whats-going-on-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/is-bitcoin-mining-really-greener-heres-whats-going-on-crypto-news\/","title":{"rendered":"Is Bitcoin Mining Really Greener? Here’s What’s Going On – Crypto News"},"content":{"rendered":"
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Bloomberg\u2019s new and optimistic research note on Bitcoin mining\u2019s green energy mix is missing a key detail, according to an industry expert.<\/p>\n

In his note, Bloomberg Intelligence analyst Jamie Coutts argued that the power used by the industry is now more than 50% green. He cited data showing Bitcoin\u2019s declining carbon emissions since 2021 versus its rising hash rate<\/a>, a measure of network security and mining activity. His conclusion: It could \u201conly mean\u201d the industry\u2019s sustainable energy mix is growing larger.<\/p>\n

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Sustainable Energy Sources Rise >50%
\ud83d\udc49Falling emissions plus a dramatically rising hash rate can only mean one thing; Bitcoin mining is consuming more sustainable energy in its mix. pic.twitter.com\/AGXrKWDWuI<\/a><\/p>\n

\u2014 Jamie Coutts CMT (@Jamie1Coutts) September 14, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Much of Bloomberg\u2019s data was based on research from Daniel Batten, a climate-tech VC focused on using mining to clean up the atmosphere<\/a>. However, Batten says this particular claim is only \u201cpartially correct.\u201d<\/p>\n

\u201cIt’s a combination of both increased machine efficiency and more sustainable energy mix; particularly the drop in emissions intensity,\u201d Batten told Decrypt<\/i>.<\/p>\n

Emissions intensity refers to the amount of carbon dioxide emitted per unit of electricity consumed by the Bitcoin network.<\/p>\n

According to Batten, this metric may decline for two reasons: rising sustainable energy sources or more efficient mining rigs. Other events significantly reducing coal-powered Bitcoin usage\u2014including China\u2019s mining ban, Kazakhstan\u2019s loss of miners, and Marathon reducing its mining activity in Hardin, Montana\u2014also factor into the drop.<\/p>\n

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3 Chart updates<\/p>\n

1. New ATL (All Time Low)<\/p>\n

Bitcoin is on track to 1\/2 its emissions per KWh within 3.5 years<\/p>\n

No other industry is reducing emission intensity as fast<\/p>\n

2 Reasons:
1. Most miners now use sustainable energy sources
2. More efficient mining rigs pic.twitter.com\/peRCykPck5<\/a><\/p>\n

\u2014 Daniel Batten (@DSBatten) April 3, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

Estimating Bitcoin\u2019s carbon emissions and overall power draw remains a developing science. Last month, Cambridge updated<\/a> its Bitcoin Mining Index (CBECI) to better factor in the rising efficiency of ASIC machines, bringing down Bitcoin\u2019s 2021 electricity consumption figures by 14%.<\/p>\n

Confounding matters further is the presence of off-grid mining, which is tough to measure. Batten attempts to account for such miners in his own estimates of Bitcoin\u2019s energy mix, placing the figure above 53%.<\/p>\n

The VC believes<\/a> four factors mainly contribute to Bitcoin greenification: More off-grid renewable miners, miners transitioning to sustainable sources, more mining using the Texas grid, and less mining in Kazakhstan.<\/p>\n

Kazakhstan-based miners now account for approximately 1.5% of global hashrate according to Bitriver.\u201d he noted, way down from 18% in October 2021. Bitriver is a hosting provider for green cryptocurrency mining.<\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bloomberg\u2019s new and optimistic research note on Bitcoin mining\u2019s green energy mix is missing a key detail, according to an industry expert. In his note, Bloomberg Intelligence analyst Jamie Coutts argued that the power used by the industry is now more than 50% green. He cited data showing Bitcoin\u2019s declining carbon emissions since 2021 versus […]<\/p>\n","protected":false},"author":2,"featured_media":157480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-157479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/157479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=157479"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/157479\/revisions"}],"predecessor-version":[{"id":157486,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/157479\/revisions\/157486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/157480"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=157479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=157479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=157479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}