The Bitcoin ESG Forecast, in a recent Bitcoin mining report, said that the industry depended primarily on sustainable energy, unveiling its progress recently.
A recent Bitcoin mining report has reported extremely optimistic metrics for the industry. The Bitcoin ESG Forecast, in one of its latest reports, said sustainable energy was driving the Bitcoin mining sector. It said over 54.5% of Bitcoin mining happened through greener energy sources, rising by 3.6% in 2023. The Forecast compiled the data from its Bitcoin Energy and Emissions Sustainability Tracker (BEEST).
“Most people don’t know it, but Bitcoin Mining is currently the only major global industry that is powered mostly by sustainable energy. The simple reason many people think Bitcoin is mostly fossil-fuel based is that up until Q3 2022, it was. If you hear people claim it’s still mostly fossil fueled (it’s not), ask for their source,” stated the report.
The report mentioned how the ban on crypto mining in China and Kazakhstan could have contributed to the change. Miners had moved to greener grids across North America, it found. Compared to 2021, miners are presently using 29% greener grids.
Meanwhile, Tether’s shift to hydro mining in Latin America and more methane-mitigating mining also promoted greener changes. In conclusion, the report affirmed that off-grid miners utilize methane emissions. Many of them used vented methane to feed electricity-creating generators. As a result, they mitigate 7.3% of BTC mining emissions, and that too without offsets. The number is an encouraging factor for the crypto-mining sector.
Throughout 2023, news related to crypto mining made headlines across the world. Countries like Oman and the Kyrgyz Republic approved crypto mining centers. Moreover, lawmakers also introduced a new crypto mining bill in the US, but it hasn’t progressed yet.
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