March 30, 2023

shows that the computational backbone of the Bitcoin network is now using over half sustainable energy. This is in contrast to the widely cited Cambridge University Data, which suggests that only 39% of Bitcoin mining is powered by renewable energy sources.

Batten’s charts also reveal that the total emissions from Bitcoin mining have decreased by 24% over the past year, while emissions per dollar have dropped by 36%. The emissions intensity of Bitcoin mining, which measures the amount of CO2 emissions per unit of energy consumed, has also decreased by 16%.

These findings are significant, as they demonstrate that the Bitcoin network is making progress towards becoming more environmentally sustainable. Batten and Woo hope that their charts will help to dispel some of the myths surrounding Bitcoin’s environmental impact and encourage more people to invest in the cryptocurrency.

However, some critics remain skeptical of these claims. They argue that Bitcoin mining still consumes a significant amount of energy, and that the use of renewable energy sources alone is not enough to mitigate its environmental impact. They also point out that the energy consumption of Bitcoin mining is likely to increase as the network grows and more people start using the cryptocurrency.

Despite these concerns, Batten and Woo remain optimistic about the future of Bitcoin. They believe that the cryptocurrency has the potential to revolutionize the financial industry and create a more sustainable and equitable global economy. As more people become aware of the benefits of Bitcoin, they hope that its adoption will continue to grow and that its environmental impact will continue to decrease.

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