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Bitcoin (BTC) environmental, governance, and corporate governance (ESG) analyst Daniel Batten revealed a remarkable upswing in using sustainable energy for Bitcoin mining.
The data, sourced from the BEEST model and a meticulous examination of publicly available information, points to a historic milestone, with Bitcoin mining's sustainable energy consumption hitting an all-time high of 54.5%, reflecting a substantial 3.6% uptick throughout the calendar year 2023.
The Bitcoin ESG Forecast's blog article delves into the notable advancements made in the last four years, drawing comparisons between Bitcoin's sustainable energy mix and other sectors. These findings take on added significance when considering the broader environmental implications of Bitcoin mining.
Innovative Approaches in Off-Grid Bitcoin Mining
The report sheds light on the innovative strategies off-grid Bitcoin miners adopt, particularly their use of methane emissions. It outlines how small oil producers in North America, notably Canada and the U.S., have traditionally paid for permits to flare natural gas, with some even venting methane directly into the atmosphere.
However, a noteworthy shift is underway, as certain mining companies now harness vented methane to generate electricity for Bitcoin mining.
According to Crypto News, this transformative approach mitigates environmental harm from methane venting and enhances the overall sustainability of Bitcoin mining operations.
This shift has resulted in a substantial 7.3% reduction in the Bitcoin network's emissions without relying on offsets, representing a groundbreaking achievement unmatched by any industry.
Expanding Horizons in Renewable Mining Practices
The article also spotlights the expanding landscape of off-grid renewable mining initiatives, such as Tether's venture into hydro mining in Latin America and the discovery of more methane-mitigating mining sites. These developments underscore Bitcoin's increasing dependence on sustainable energy sources.
According to Batcoinz, the geographical repositioning of mining activities, prompted by the mining ban in China and stringent regulations in Kazakhstan, has led miners to relocate to regions with greener grids in North America or sustainable off-grid locations. This migration, coupled with the global trend of grids becoming greener at a rate of 0.7% per year, has resulted in a notable 29% improvement in emission intensity for on-grid Bitcoin miners compared to 2021.
Photo: Kanchanara/Unsplash
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