Bitcoin Mining Using Sustainable Energy has Grown Since 2021
- The energy consumption of Bitcoin mining has been a topic of heated discussions for the past few years.
- Analyst Daniel Batten tweeted that Bitcoin mining sustainable energy mix has been growing at a steady pace at the rate of 6.2% per annum.
From the recent analysis, it is revealed that the leading cryptocurrency Bitcoin has been showing a steady pace in its mining growth using sustainable energy since 2021, climbing above 50%, providing an optimistic view.
Notably, over the past few months, Bitcoin mining powered by sustainable energy has been challenging the governments and regulators across the world who debate over the energy consumption of Bitcoin.
Since the beginning, Bitcoin’s rate of energy consumption has been a topic of stark criticism and long-held debates among environmentalists. Consequently, the Bitcoin miners were overwhelmed with overcoming the primordial complaints over the emerging technologies.
Recently, Bitcoin analyst Daniel Batten tweeted explaining the growth of Bitcoin mining with the help of sustainable energy since January 2020.
Interstingly, he showcased the growth rate using charts, proving that since 2020, Bitcoin mining using sustainable power has been increasing at a rate of 6.2% per annum, which is faster than most other industries.
In 2021, when the discussions regarding the increasing energy consumption of Bitcoin came about, the amount of Bitcoin mined using sustainable energy constituted only about 35%.
In 2022, according to the report of the Bitcoin Mining Council, 59.5% of the total bitcoin mining global energy evolves from renewable sources. It was also informed that the increased mining efficiency and improved semiconductor technology resulted in a 46% yearly increase in efficiency. It is significant to note that at the onset of 2023, mining reached a percentage of above 50%, which still continues to increase.