WORLDWIDE – Bitcoin's utilization of sustainable energy now surpasses traditional sectors such as banking and gold mining, with more than half of its energy consumption being eco-friendly this achievement, noting that 52.6% of Bitcoin's energy comes from sustainable sources. This milestone comes despite the cryptocurrency's network hashrate and user base expanding by over 450% and nearly 290%, respectively.
In a recent analysis, Batten pointed out that while Bitcoin's network activity has significantly increased, its environmental footprint measured in emissions has remained stable at 35 MtCO2e. Moreover, there has been a reduction of 9.4% in these emissions over the past four years. This is particularly noteworthy when compared to the electric vehicle (EV) industry, which largely relies on coal for its indirect energy needs, whereas Bitcoin predominantly harnesses hydroelectric power.
This revelation challenges the widely held belief that Bitcoin is detrimental to the environment due to its energy consumption. Instead, it presents the cryptocurrency as a potential candidate for ESG (Environmental, Social, and Governance) investments because of its comparative sustainability benefits. The data suggests that as Bitcoin continues to grow, it does so with a conscientious approach to its energy sources, which could make it an attractive option for investors concerned with environmental impact.
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