Bitcoin mining’s sustainable energy usage has reached a peak of 54.5%
Bitcoin ESG forecasts that Bitcoin (BTC) mining using sustainable power will increase to a new all-time high of 54.5%, while sustainable mining will increase by 3.6% overall in 2023.
An article on the blog, The Bitcoin ESG Forecast, analyzed data from the Bitcoin Energy and Emissions Sustainability Tracker, or BEEST model, and compared Bitcoin's sustainable energy mix to other industries using publicly available data over the past four years.
According to the data, Bitcoin mining is currently the largest sustainable energy user (54.5%) across multiple sub-sectors, with a sustainable mining growth rate of 3.6% for the 2023 calendar year compared to other global industries.
Bitcoin ESG Forecast Finds Off-Grid Bitcoin Mining Using Methane Emissions The study found that small oil producers in Canada and the US pay for permits to burn natural gas, some of which is difficult to detect by directly extracting methane.
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However, some mining companies use vented methane to generate electricity for bitcoin mining, which has a lower environmental impact compared to venting it into the air. This means the Bitcoin network will reduce emissions by 7.3% without offsets, a new all-time high and the largest emissions reduction of any industry based on offsets.
According to the article, more off-grid renewable mining, such as Tether's expansion into hydro-mining in Latin America and off-grid methane-encapsulating mining, means the Bitcoin network will use more sustainable energy than ever before.
After the ban on mining in China and the effective ban in Kazakhstan, miners have largely moved to the green grid or sustainable off-grid in North America. According to the post, the global grid is becoming greener at 0.7% per year, which represents a 29% improvement in the emission rate of Bitcoin miners on the grid compared to 2021.
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