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A recent study conducted by the United Nations (UN) suggested a direct correlation between the price of Bitcoin (
$64,893.00 ) (BTC) and the energy needed for mining operations.
The UN scientists evaluated the activities of 76 Bitcoin ( $64,893.00 ) mining nations during the 2020–2021 period and found that the global Bitcoin ( $64,893.00 ) mining network consumed 173.42 Terawatt hours of electricity. During this timeframe, the crypto ecosystem was undergoing a bull run, and Bitcoin ( $64,893.00 ) rallied to mark its all-time high of $69,000. The UN report highlighted:
“A 400% increase in Bitcoin (
At the time, fossil energy sources accounted for 67% of the electricity generated for Bitcoin ( $64,893.00 ) mining. However, crypto entrepreneurs have taken proactive measures to increase their dependence on green energy.
Hydropower satisfied over 16% of the total electricity demand of the global Bitcoin ( $64,893.00 ) mining network, nuclear, solar and wind energy sources provided 9%, 2% and 5% respectively.
According to the UN report, the top ten Bitcoin ( $64,893.00 ) mining nations at the time — China, USA, Kazakhstan, Russia, Malaysia, Canada, Germany, Iran, Ireland, and Singapore — together were responsible for 92–94% of the global carbon, water, and land footprint of Bitcoin ( $64,893.00 ) .
The global push for greener alternatives to fulfil the grid demand will also help reduce the carbon footprint of Bitcoin ( $64,893.00 ) and the crypto ecosystem.
Related: Bitcoin ( $64,893.00 ) mining is becoming more environmentally friendly
Recently, Genesis Digital Assets Limited (GDA), a mining and data center company with over 400 megawatts (MW) of power generation worldwide, opened a new data center in Sweden running 1,900 Bitcoin ( $64,893.00 ) mining machines, driven by the country’s burgeoning renewable energy surplus.
Christian Anders, founder of BT.CX, told Cointelegraph that Bitcoin ( $64,893.00 ) mining is not very common due to high energy prices. However, he added:
“Sweden, Finland and Norway have a surplus of energy and negative energy prices from time to time, and primarily renewable energy in the form of hydropower in a remote location which is hard to distribute.”
In parallel, Bitcoin ( $64,893.00 ) mining equipment manufacturers continue to deliver energy-efficient hardware. At the World Digital Mining Summit (WDMS) on Sept. 22, Bitcoin ( $64,893.00 ) miners shared their plans to help decarbonize the crypto ecosystem.
Bitmain rolled out its efficiency-focused Antminer S21, while Nazar Khan, Terrawulf’s chief operating officer, highlighted that the roll Bitcoin ( $64,893.00 ) rig manufacturers play “is locating our Bitcoin ( $64,893.00 ) mining loads in places where that’s happening and how do we facilitate that decarbonization process.”
Magazine: Ethereum (
$1,771.25 ) restaking: Blockchain innovation or dangerous house of cards?
