- Bitcoin mining is now the largest consumer of sustainable energy (54.5%).
- Some mining firms convert vented methane into power, which is good for the environment.
According to the Bitcoin ESG Forecast, sustainable energy-powered Bitcoin mining hit a new record high of 54.5% in 2023, with sustainable mining as a whole increasing by 3.6%.
By comparing Bitcoin’s sustainable energy mix to other businesses over the last four years using publicly accessible data, The Bitcoin ESG Forecast evaluated data from its Bitcoin Energy and Emissions Sustainability Tracker (BEEST) model, as stated in a blog post by the organization.
Banking on Sustainable Energy
There has been a 3.6% growth in sustainable mining for the calendar year 2023 compared to other worldwide businesses, and Bitcoin mining is now the largest consumer of sustainable energy (54.5%) across several subdivisions, according to the statistics.
According to the Bitcoin ESG Forecast, Bitcoin miners that operate off-grid are using emissions of methane. Canadian and American small-scale oil producers pay for flare natgas licenses; some vent methane directly, which is more difficult to detect, according to the report.
But instead of releasing it into the atmosphere, some mining businesses convert vented methane into power, which is better for the environment and Bitcoin mining. Thus, the Bitcoin network achieves the greatest percentage of non-offset-based emission mitigation of any sector, with 7.3% of its emissions mitigated without the use of offsets. This marks a new record-breaking achievement.
Many miners shifted to North American grids that were more environmentally friendly or to viable off-grid locations when China and Kazakhstan effectively outlawed mining. The post claims that on-grid Bitcoin miners’ emission intensity is 29% lower than it was in 2021 due to the world’s grids being greener at a rate of 0.7% each year.
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