Bloomberg has reported that clean energy usage by Bitcoin miners officially exceeds the 50% threshold. Specifically, Jamie Coutts of Bloomberg Intelligence has explored the continuously changing energy narrative. Subsequently, noting the “rapid rise of sustainable energy sources” in Bitcoin mining.
Alternatively, Elon Musk had previously stated that Tesla would resume its acceptance of Bitcoin payments after miners’ clean energy use exceeds 50%. Eventually, the continued shift toward the use of clean energy by miners could begin to alter the perception of the practice’s energy impact.
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Bitcoin Miner’s Clean Energy Usage Continues to Grow
For many digital asset detractors, the arguments against Bitcoin mining and activities of the like have come down to energy usage and sustainability. The arguments often turn to emissions and energy consumption. Yet, that argument may be beginning to change as more data becomes available.
Now, according to Bloomberg’s Jamie Coutts, clean energy usage by Bitcoin miners has exceeded the 50% threshold. In a thread posted to X, Coutts discussed the shifting narrative based on advancements in data gathering. Subsequently, it showcases that the sustainability of Bitcoin mining has taken massive leaps forward.
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Coutts references China’s ban on mining that took place in 2021. Moreover, he notes that at that time, emissions peaked at 60.9 megatonnes of carbon dioxide equivalent (C02e)” in his post. Subsequently, he stated that since the ban, emissions have dropped 37.5%. Therefore, Coutts suggests that “the concern about Bitcoin’s carbon footprint are being overstated.”
Additionally, Coutts makes note of falling emissions that are coinciding with “a dramatically rising hash rate,” with one conclusion: “Bitcoin mining is consuming more sustainable energy in its mix.” Although he confirmed that estimations of energy usage are “an imperfect science,” he references models that have sustainable energy sources above 53% and climbing.
Coutts added, “With energy accounting for about 50% of miners’ costs, the industry’s shift to sustainable could impact global energy dynamics.” Moreover, he noted the data showed a different picture than often held perceptions.