- 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.
Will #Bitcoin mining boil the oceans anytime soon? 👀 Newly released Mining Report has the details…
— CoinShares 👩🚀 (@CoinSharesCo) June 6, 2019
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.