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- 75% of BTC mining is done using eco-friendly energy sources
- Recent report busts myth that BTC mining causes environmental degradation
- BTC mining renewable energy percentage is four times the global average
Climate change and global warming are no longer the subjects of discussions in debates, but their effects can be felt worldwide. Every aspect of our life is pivoted on the environmental elements, and cryptocurrency is no exception. Therefore one may be surprised to know that using bitcoin could become a means for sustainable living.
Understanding the Eco-Friendly Evolution of Bitcoin Mining
According to a report by Coinshares, bitcoin mining is surprisingly eco-friendly. Contrary to the general myth that crypto mining is an energy-guzzling process and detrimental to the environment’s health. However, very few people consider the environmental impact of currencies, which can be pretty significant.
Since Bitcoin(BTC) is the most coveted coin which any crypto enthusiast longs for, it is good to understand its environmental footprints. The report by CoinShares, a London-based digital asset investment, and research company, revealed that most of the crypto-coin mining is mainly done using renewable sources of energy.
The Benefits of Bitcoin for Environment
Bitcoin was not very eco-friendly before 2017. However, everything has changed now, according to Gareth Jenkinson, who was talking to CoinTelegraph. By 2019 most of the crypto mining is done by renewable energy sources. However, this is an ongoing process, and importance is being given to reducing carbon footprints.
Jenkinson added that by the end of 2019, Bitcoin was using less energy despite increasing hash rates. Today most of the BTC mining is done using Hydro Electricity, and nations like Scandanavia and China, which have abundant Hydro and Geothermal sources of energy, have become mining hubs. Head of research at CoinShares, Christopher Bendiksen, revealed Bitcoin mining employed 74.1% renewable sources of energy. It is four times the global average energy mix. It is a revelation, and it will go a long way in removing myths that Bitcoin uses energy sources with a high carbon footprint.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
