$66,267.20
-0.41%
$3,208.20
+0.53%
$85.15
-1.31%
$31.51
-0.82%
$122.25
-0.44%
$0.00
-21.16%
$28.17
-0.8%
$0.16
-0.63%
$24.50
+1.41%
$0.00
-3.58%

Bitcoin mining sustainable energy usage hits all-time high of 54.5%


The Bitcoin ESG Forecast has revealed that Bitcoin (BTC) mining using sustainable energy has increased to a new all-time high of 54.5%, with sustainable mining rising by 3.6% overall during the calendar year of 2023.

According to an article on its blog, The Bitcoin ESG Forecast analyzed data from its Bitcoin Energy and Emissions Sustainability Tracker, or BEEST model and compared the sustainable energy mix of Bitcoin to other industries over the past four years using publicly available data.

Chart showing Bitcoin mining sustainability. Source: Woobull

According to the data, Bitcoin mining is currently the highest user of sustainable energy (54.5%) across multiple subsectors, and it has achieved an increase in sustainable mining of 3.6% for the calendar year of 2023 compared with other global industries.

The Bitcoin ESG Forecast found off-grid Bitcoin miners using methane emissions. According to the research, small oil producers in Canada and the U.S. pay for permits to flare natgas, with some venting methane directly, which is harder to detect.

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However, some mining companies use vented methane to generate electricity for Bitcoin mining, reducing environmental impact compared to venting it into the air. This means the Bitcoin network mitigates 7.3% of all its emissions without offsets, a new all-time high and the highest level of non-offset-based emission mitigation of any industry.

According to the article, additional off-grid renewable mining, such as Tether’s expansion into hydro mining in Latin America and the discovery of more off-grid methane-mitigating mining, means that the Bitcoin network uses more sustainable energy than ever.

After the ban on mining in China and its effective prohibition in Kazakhstan, miners predominantly moved to greener grids in North America or sustainable off-grid sites. The post states that global grids are becoming greener at 0.7% per year, resulting in a 29% improvement in emission intensity for on-grid Bitcoin miners compared to 2021.

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