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GLOBAL – Bitcoin’s use of sustainable energy now outpaces traditional sectors such as banking and gold mining, with more than half of its energy consumption eco-friendly. It is worth noting that 52.6% of Bitcoin’s energy comes from sustainable sources. This milestone comes as the cryptocurrency’s network hashrate and number of users increased by over 450% and nearly 290%, respectively.
In a recent analysis, Mr. Batten highlighted that while the Bitcoin network’s activity has increased significantly, its environmental footprint measured in emissions has remained stable at 35 MtCO2e. Additionally, these emissions have decreased by 9.4% over the past four years. This result is particularly remarkable when compared to that of the electric vehicle (EV) industry, which relies heavily on coal for its indirect energy needs, while the majority exploits hydroelectric power.
This revelation challenges the widely held notion that bitcoin is harmful to the environment due to its energy consumption. Rather, it presents cryptocurrency as a potential candidate for ESG (environmental, social and governance) investments due to its comparative advantages in sustainability. The data suggests that as bitcoin continues to grow, it does so with a conscientious approach to its energy sources, which could make it an attractive option for investors concerned about environmental impact.
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