These 29 mining businesses account for 16.48% of the Bitcoin Network, and they operate nearly entirely on sustainable energy.
A recent study conducted by ClimateTech Vice Chair Daniel Batten shows that 29 mining businesses account for 16.48% of the whole Bitcoin (BTC) network and run on 90-100% clean energy. This figure also indicates that 52.2% of the BTC network is powered by renewable energy.
Batten said that he conducted his analysis mine by mine. He took into consideration several public disclosures of hash rate and utilized a mix of machine kinds, MegaWatts of energy, and total BTC mined to create the following table.
The hash rate and emission data of the 29 major mining businesses are shown in Batten’s chart. In addition, 12 of them employ negative emission sources, which reduces the quantity of carbon dioxide in the atmosphere when mining. The hash rate of these 12 organizations accounts for around 2% of the whole network.
In 2020, the use of renewable energy in BTC remained above 40%, however, this number dropped to 28.48% in 2021. Since then the mining community has worked to increase this ratio once again.
Since the beginning of 2022, the use of clean energy has increased. Elon Musk’s remark that Tesla will accept Bitcoin payments if more than fifty percent of the network switched to sustainable energy sources by May 2022 drew particular attention to this topic.
The Bitcoin Mining Council also produced a study in May 2022 stating that 58.4% of BTC mining was already using renewable energy. When compared to the energy consumption required to mine gold, BTC’s energy consumption and carbon emissions were found to be substantially lower.
In addition, the second research from October 2022 revealed that BTC mining may help reduce climate change in the near future. Estimating the increase of carbon-negative energy sources in the BTC network, the calculations indicate that carbon neutrality might be achieved by 2024.
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