Bitcoin Mining Becomes Largest Consumer of Sustainable Energy

Summary

Bitcoin mining has reached a new milestone by becoming the largest consumer of sustainable energy, accounting for 54.5% of all sustainable mining. This growth in sustainable mining represents a 3.6% increase compared to other global businesses. Some mining firms have found innovative ways to convert vented methane into power, reducing their environmental impact. The Bitcoin network has achieved a record-breaking percentage of emission mitigation without the use of offsets.

Introduction

The Bitcoin ESG Forecast recently reported that sustainable energy-powered Bitcoin mining reached a new high of 54.5% in 2023. This makes Bitcoin mining the leading consumer of sustainable energy among various industries. The report analyzed publicly available data using the Bitcoin Energy and Emissions Sustainability Tracker (BEEST) model, comparing Bitcoin’s sustainable energy usage to other businesses over the past four years.

Main Points

Bitcoin mining consumes the largest share of sustainable energy, accounting for 54.5% of all sustainable mining. Compared to other global businesses, sustainable mining has experienced a 3.6% growth in 2023.

Some Bitcoin miners utilize vented methane, which is emitted by Canadian and American small-scale oil producers. Instead of releasing the methane into the atmosphere, these mining firms convert it into power, contributing to a more environmentally friendly approach to Bitcoin mining.

The Bitcoin network has achieved a record-breaking feat by mitigating 7.3% of its emissions without relying on offsets. This percentage represents the highest non-offset-based emission mitigation in any industry sector.

Many miners have shifted their operations to North American grids or off-grid locations following mining restrictions in China and Kazakhstan. As a result, the emission intensity of on-grid Bitcoin miners has decreased by 29% since 2021, thanks to the greener grids that are being adopted globally.

Conclusion

The Bitcoin mining industry has made significant progress in adopting sustainable energy sources. With a 54.5% share, Bitcoin mining has become the largest consumer of sustainable energy. Additionally, the conversion of vented methane into power further reduces environmental impact. These achievements highlight the commitment of the Bitcoin network to environmental sustainability.