TheBitcoin Mining Council, a volunteer-led Bitcoin Mining board forum supported by MicroStrategy CEO Michael Saylor and Tesla CEO Elon Musk, has just published a report on Bitcoin Mining.
Around 60% of the energy used to mine Bitcoin is environmentally friendly or renewable.
Data Proves 60% of Bitcoin Mining is Environmentally Friendly
A report containing a survey of about 50% of Bitcoin Mining participants worldwide noted that most miners depend on energy from renewable natural resources.
From January 2022 to March 2022, 58.4% of Bitcoin miners were Mining Bitcoin with renewable energy.
This number is a significant increase from 2021, signaling that more miners are aware of the impact. Bitcoin mining has on the environment.
Compared to last year in the same month, the use of green energy has appreciated by around 36.8%, representing a 59% increase from 2021 to 2022.
The debate over the use of non-environmentally friendly energy and how Bitcoin and crypto are damaging The neighborhood was buzzing in mid-2021 by Elon Musk, CEO of Tesla.
The statement that Bitcoin is not environmentally friendly is also the reason for the formation of the Bitcoin Mining Council, supported by Elon Musk.
After a lot of awareness about the environmental impact of Mining Bitcoin, many miners are changing their energy source.
A report by the Bitcoin Mining Council also states that with this change in energy sources, there has been an increase in energy efficiency. The efficiency of energy use in Bitcoin mining increased by 63%, and energy use has decreased by 25% from the first quarter of 2021 to the first quarter of 2022.
Many analysts state that this change is due to the use of energy from renewable natural resources.
Currently, the two most frequently used natural resources are solar and wind sources. With this data, the assumption that Bitcoin and crypto are damaging to the environment is starting to change, especially when we see more blockchains as alternatives to Bitcoin.
Eco-Friendly Blockchain Alternatives to Bitcoin
Currently, the narrative that crypto damages the environment is a false narrative due to the many innovations made in ledger technology, especially blockchain.
Many cryptocurrencies use energy more efficiently and from renewable natural resources away from Bitcoin.
Some blockchains require tens or even thousands of times less energy consumption than Bitcoin and some other first-generation blockchains.
Some examples are Algorand, Harmony, and Hedera, which are not technically a blockchain but fall into the category of ledger technology.
Algorand (ALGO) requires energy of around 0.00001 kilowatts per hour per transaction which is one of the lowest energy consumption blockchains.
Harmony (ONE) and Hedera (HBAR) require the energy of around 0.001 kilowatt per hour per transaction, which is also low compared to most available blockchains.
Bitcoin uses transaction fees of around 200 to 2,000 kilowatts per hour per transaction which is the blockchain with the highest energy consumption today.
For comparison, Visa, a financial services company that many banks use, uses energy consumption of around 0.0015 kilowatts per hour per transaction.
Looking at the data, it is very natural that many environmentalists attack Bitcoin because it is still inefficient and inferior to the efficiency of a centralized system like Visa.
Over time, these criticisms will be invalid because of many innovations, especially with the existence of blockchains such as Algorand.
Most blockchains with high energy efficiency also use energy from renewable natural resources.
So the conclusion is, for now, Bitcoin and the majority of crypto are starting to use energy from renewable and environmentally friendly natural resources.
So the data from the Bitcoin Mining Council strengthens and supports the overall growth of crypto, especially in its competition with the centralized banking system.
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