Nearly 75% of All Bitcoin Mining's Energy Consumption is Done Using Renewable Sources: CoinShares Report

  • Crypto treasury management firm, CoinShares publishes a report in which it noted Bitcoin Mining using mostly renewable energy.
  • Analysts have been criticizing the energy-intensive proof-of-work (PoW) the -based process of bitcoin mining – as they've pointed out that it's not eco-friendly.

A recent study released by CoinShares dubbed, “The Bitcoin Mining Network: Trends, Average Creation Costs, Electricity Consumption, and Sources,” reported that majority of Bitcoin mining is done using renewable energy, amounting to 74 percent.

Most of Bitcoin Mining Done Uses Renewable Energy

The research was initially conducted in an attempt to understand Bitcoin and the overall Bitcoin mining ecosystem. Fidelity’s Center for Applied Technology was part of this research and noted that two things come out of this: 1) bringing awareness on insolvency in mining companies during the bear market and 2) exploring trends in mining hardware.

News outlet, Coinfomania has since reported on this matter and highlighted that the Bitcoin mining energy mix contains

“four times more renewable usage than the global average energy mix.”

According to the claims made, it was initially 77.8 percent, but the number slightly dropped due to the necessity of new mining clusters in countries like Iran, noted Coinfomania, highlighting that miners are looking for business elsewhere.

Interestingly, it has also been pointed out that Bitcoin mining might be centralized to some extent. In conclusion, this finding does not imply that Bitcoin mining does not use up electricity, as many miners have been relocating their operations according to seasonality.

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Nirmala Velupillai
Nirmala Velupillai
Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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