Bitcoin mining is the highest user of sustainable energy and has similarly achieved the highest increase in sustainable energy mix between July 2019 and June 2023, new data has shown. The data also shows that bitcoin mining’s emission intensity has declined from more than 500 g/kWh seen in July 2021 to the June 2023 figure of 296 g/kWh.
Bitcoin Mining Has the Highest Increase in ‘Sustainable Energy Mix’
According to the data comparing bitcoin mining to other industries’ energy mix, the process to extract the top cryptocurrency ranks as “the highest user of sustainable energy (52.6%) across sub-sectors.” The data shows the banking sector as the next highest user of clean energy with 39.2%, while the gold industry is ranked fourth with 12.8%.
The data, which is based on the so-called Bitcoin Energy and Emissions Sustainability Tracker (BEEST) model, indicates that Bitcoin mining has also achieved the “highest increase in [the] sustainable energy mix (+38%) during the period charted from Jul 2019 – Jun 2023 compared to other global industries.”
The new data, which was compiled by climate tech investor Daniel Batten and his team, appears to contradict past studies whose findings seem to fault Bitcoin mining’s supposed disproportionate use of electricity. The data also appears to show that the Bitcoin mining industry has taken of heed climate change activists’ concerns.
I didn’t start off a Bitcoin-advocate, but I’ve become one
There’s probably never been a more important technology to our chances of mitigating runaway methane emissions, enabling the renewable transition and giving financial sovereignty to 4Billion+ people
— Daniel Batten (@DSBatten) June 22, 2023
An Important Technology
Batten, who is also an environmental, social, and governance (ESG) analyst, also recently tweeted about the top cryptocurrency’s impact and importance to billions of people.
“I didn’t start off a Bitcoin-advocate, but I’ve become one. My conclusion: There’s probably never been a more important technology to our chances of mitigating runaway methane emissions, enabling the renewable transition and giving financial sovereignty to 4Billion+ people,” Batten said.
Meanwhile, concerning the emission intensity of the different sectors examined, the data on the Batcoinz website suggest that Bitcoin mining’s emission intensity has declined from more than 500 g/kWh seen in July 2021 to the June 2023 figure of 296 g/kWh. Bitcoin mining’s just over 50% drop in emission intensity dwarfs the banking sector’s 3.3% decline.
According to the data, the iron and steel industry had the highest emission intensity in the period and the least (0.5%) decrease. The data also shows the gold industry as the sector with the next highest emission intensity of 679g/kWh. Following closely behind is the agricultural sector with 646g/kWh.
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