A recent study conducted by the United Nations suggests a direct correlation between the price of Bitcoin (BTC) and the energy needed for mining operations.
UN scientists evaluated the activities of 76 Bitcoin mining nations during the 2020–2021 period and found that the global Bitcoin mining network consumed 173.42 terawatt-hours of electricity. During this timeframe, the crypto ecosystem was undergoing a bull run, and Bitcoin rallied to mark its all-time high of $69,000. The UN report highlighted:
“A 400% increase in Bitcoin’s price from 2021 to 2022 triggered a 140% increase in the energy consumption of the worldwide Bitcoin mining network.”
At the time, fossil energy sources accounted for 67% of the electricity generated for Bitcoin 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 mining network; nuclear, solar and wind energy sources provided 9%, 2% and 5%, respectively.
According to the UN report, the top 10 Bitcoin mining nations at the time — China, United States, Kazakhstan, Russia, Malaysia, Canada, Germany, Iran, Ireland and Singapore — were responsible for 92%–94% of the global carbon, water and land footprint of Bitcoin.
The global push for greener alternatives to fulfill the grid demand will also help reduce the carbon footprint of Bitcoin and the crypto ecosystem.
Related: Bitcoin mining is becoming more environmentally friendly
Recently, Genesis Digital Assets Limited, 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 mining machines, driven by the country’s burgeoning renewable energy surplus.
Christian Anders, founder of BT.CX, told Cointelegraph that Bitcoin 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 mining equipment manufacturers continue to deliver energy-efficient hardware. At the World Digital Mining Summit on Sept. 22, Bitcoin miners shared their plans to help decarbonize the crypto ecosystem.
Bitmain rolled out its efficiency-focused Antminer S21, while Nazar Khan, chief operating officer of TerraWulf, highlighted that the role Bitcoin rig manufacturers play “is locating our Bitcoin mining loads in places where that’s happening and how do we facilitate that decarbonization process.”
Magazine: Ethereum restaking: Blockchain innovation or dangerous house of cards?
can i buy cheap clomiphene tablets how can i get clomid without dr prescription can i buy clomid no prescription get generic clomid pills where can i get cheap clomiphene pill where buy generic clomid no prescription can i order cheap clomiphene without a prescription
This is the compassionate of criticism I positively appreciate.
Thanks on sharing. It’s first quality.
buy generic azithromycin 250mg – order floxin 400mg sale metronidazole canada
buy rybelsus 14mg for sale – cyproheptadine 4 mg usa periactin for sale
where can i buy inderal – buy generic methotrexate over the counter methotrexate drug
amoxicillin where to buy – order valsartan online cheap ipratropium 100mcg ca
zithromax 250mg cost – azithromycin 250mg sale bystolic 20mg canada
augmentin cheap – atbioinfo acillin us
order coumadin 2mg pills – https://coumamide.com/ buy losartan cheap
purchase meloxicam for sale – https://moboxsin.com/ mobic over the counter
deltasone 20mg drug – apreplson.com deltasone 20mg usa
top ed pills – ed remedies best ed pills online
buy amoxil cheap – combamoxi.com buy amoxicillin tablets
fluconazole 200mg ca – flucoan diflucan 200mg sale
escitalopram order – https://escitapro.com/ escitalopram where to buy
buy cenforce – https://cenforcers.com/ brand cenforce
purchase generic cialis – https://ciltadgn.com/# cialis 100mg
buy cialis toronto – https://strongtadafl.com/# best place to buy tadalafil online
order ranitidine 150mg without prescription – buy zantac cheap zantac 150mg cost
This website really has all of the tidings and facts I needed there this thesis and didn’t identify who to ask. https://gnolvade.com/es/amoxicilina-online/
Thanks recompense sharing. It’s outstrip quality. https://buyfastonl.com/furosemide.html
With thanks. Loads of knowledge! https://ursxdol.com/synthroid-available-online/
With thanks. Loads of knowledge! https://prohnrg.com/product/rosuvastatin-for-sale/
The thoroughness in this section is noteworthy. https://aranitidine.com/fr/cialis-super-active/
More posts like this would create the online time more useful. https://ondactone.com/spironolactone/
More posts like this would make the blogosphere more useful.
buy ozobax medication
I’ll certainly bring to review more. http://zgyhsj.com/space-uid-978087.html
forxiga price – click order dapagliflozin 10 mg sale