News - Bitcoin mining consists of more than 50% renewable energy
A Bloomberg analyst corrects misconceptions about Bitcoin with new data. Bitcoin is not at all as much of a climate killer as is often suggested.
Bitcoin is bad for the environment, an argument that often comes up. Jamie Coutts, an analyst at Bloomberg, now contradicts this. According to Coutts, more than 50 percent of Bitcoin mining worldwide is now done with renewable, and therefore green, energy. Renewable energy, also called sustainable energy, is energy produced from natural sources that can be renewed over time. These sources are generally inexhaustible on human time scales and have a much lower environmental impact compared to fossil fuels such as coal, oil and gas.
👉Since China's mining ban in mid-2021 when emissions peaked at 60.9 megatonnes of carbon dioxide equivalent (CO2e), emissions have declined 37.5%— Jamie Coutts CMT (@Jamie1Coutts) September 14, 2023
👉suggesting the concern about Bitcoin's carbon footprint are being overstated pic.twitter.com/HQtge8gpyN
Old models, for example from Cambridge, had errors in their models. This data has now been adjusted. A big reason for this ecological turnaround is the mining ban in China. Renewable energy is barely used in China. Coutts' analysis can be read above on Twitter/X.
Read more about the current state of Bitcoin mining.