For many years, every time the BTC price fluctuates strongly, whether it increases or decreases, we always have more articles condemning the BTC mining industry because it consumes too much electricity, even more than the electricity consumption of many countries
[1]. Therefore, Bitcoin mining is considered a dirty and harmful industry, which is also commonly used to condemn Bitcoin, in addition to concerns about the future of finance.
Besides negative criticism and wanting to destroy the Bitcoin network, we have many suggestions to improve the situation
[2], and after many efforts from miners, we have made great progress.
A new report by the Bitcoin ESG Forecast suggests that the cryptocurrency industry is taking strides to reduce its carbon footprint. According to the report, Bitcoin mining's use of sustainable energy has reached an all-time high of 54.5%. This means that more than half of the energy used to power Bitcoin mining is now coming from sources like hydroelectric, solar, and wind power. Bitcoin mining is now the highest user of sustainable energy among all primary global industries
[3].
The increase in sustainable energy use to a number of factors, including the following:
- The ban on Bitcoin mining forced miners to move to greener grids or sustainable off-grid sites.
- The development of new off-grid renewable mining operations.
- The increasing use of methane emissions to generate electricity for Bitcoin mining, which reduces the environmental impact compared to venting it into the air.
- Global grids are becoming greener at 0.7% per year.
This suggest that Bitcoin mining is on track to become a more environmentally friendly industry. It demonstrates that the crypto industry is committed to reducing its environmental impact and can play a role in the transition to a low-carbon economy.
From now on, we can circumvent many people's arguments that Bitcoin is too dirty and harmful to the environment. However, I would not be surprised if in 2024 and 2025 BTC anti-fans will continue to use energy issues to attack the crypto market. Regardless, the Bitcoin Hashrate will continue to increase and the network will become more and more secure 💪💪💪
Do you think Bitcoin becoming "greener and cleaner" is really important for the crypto market's future ? Will environmentalists soon recognize Bitcoin as an important driver of clean energy development?
[1]
Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?[2]
Why Does Bitcoin Use So Much Energy?[3]
Bitcoin mining sustainable energy usage hits all-time high of 54.5%