Bitcoin Miners Use Over 50% Clean Energy

Bloomberg says that the clean energy Bitcoin miners use is over 50%. In particular, Jamie Coutts of Bloomberg Intelligence has looked into how the story about power is constantly changing and, after that, noted the “rapid rise of sustainable energy sources” in Bitcoin mining.

Elon Musk had said that Tesla would start accepting Bitcoin payments again after miners used more than 50% clean energy. In the long run, miners’ continued shift toward using clean energy could change how people think about the energy effects of their work.

Bitcoin Miners Use More Clean Energy

Many people who don’t like digital assets say that Bitcoin mining and other similar activities are harmful because they use a lot of energy and aren’t good for the environment. Often, the issues come back to emissions and energy use. But as more information comes out, this case may start to change.

Jamie Coutts of Bloomberg says that Bitcoin miners now use more clean energy than 50% of the time. In a chat on X, Coutts talked about how the story changes as data collection improves. So, it shows that Bitcoin mining has made giant steps forward regarding its long-term viability.

Coutts talks about the fact that China stopped mining in 2021. In his post, he also says that emissions peaked at 60.9 megatonnes of carbon dioxide equivalent (C02e). After that, he said that since the ban, emissions have gone down by 37.5 percent. So, Coutts says, “the worries about Bitcoin’s effect on the environment are overblown.”

Coutts also points out that emissions are going down simultaneously, and “the hash rate is going up dramatically.” “Bitcoin mining is using more renewable energy in its mix.” Even though he said figuring out how much energy is used is “an imperfect science,” he pointed to models showing that clean energy sources make up more than 53% and are growing.

Coutts added, “Since energy costs make up about half of a miner’s costs, the shift to a more sustainable industry could change how energy is used worldwide.” He also said that the numbers showed a different picture than what people usually think.