Kofi Mensah New Data Reveals Bitcoin Mining as Top User of Sustainable Energy
Newly released data has unveiled that bitcoin mining stands as the leading consumer of sustainable energy, experiencing the most substantial growth in its sustainable energy mix between July 2019 and June 2023. Additionally, the data indicates a decline in bitcoin mining’s emission intensity, dropping from over 500 g/kWh in July 2021 to 296 g/kWh by June 2023.
Bitcoin Mining Shows Greatest Increase in ‘Sustainable Energy Mix’
Comparing the energy mix of bitcoin mining with other industries, the data positions bitcoin mining as “the highest user of sustainable energy (52.6%) among sub-sectors.” The banking sector follows as the next major consumer of clean energy at 39.2%, while the gold industry ranks fourth with 12.8%.
The data, derived from the Bitcoin Energy and Emissions Sustainability Tracker (BEEST) model, highlights that bitcoin mining has achieved the “most substantial increase in [the] sustainable energy mix (+38%) during the period between July 2019 and June 2023, surpassing other global industries.”
Contradicting prior studies that criticized bitcoin mining for its alleged excessive electricity consumption, this new data suggests that the industry has taken heed of climate change concerns. Compiled by climate tech investor Daniel Batten and his team, these findings shed new light on the environmental impact of bitcoin mining.
Recognizing Bitcoin’s Significance
Batten, an environmental, social, and governance (ESG) analyst and climate tech investor, recently expressed his evolving perspective on the importance of Bitcoin for billions of individuals.
“While I initially wasn’t a Bitcoin advocate, I have since become one,” Batten shared. “My conclusion: There has likely never been a more critical technology to our ability to mitigate runaway methane emissions, facilitate the transition to renewables, and provide financial sovereignty to over 4 billion people.”
In terms of emission intensity within the examined sectors, the data on the Batcoinz website indicates a decline in bitcoin mining’s emission intensity from over 500 g/kWh in July 2021 to 296 g/kWh in June 2023. This reduction of over 50% in emission intensity surpasses the banking sector’s 3.3% decline.
According to the data, the iron and steel industry exhibits the highest emission intensity during the analyzed period, with a minimal decrease of 0.5%. The gold industry follows closely with an emission intensity of 679 g/kWh, trailed by the agricultural sector at 646 g/kWh.
We invite you to share your thoughts on this story in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about sustainable energy usage
What does the new data reveal about bitcoin mining and sustainable energy?
The new data reveals that bitcoin mining is the highest user of sustainable energy and has experienced the highest increase in sustainable energy mix between July 2019 and June 2023. It also shows a decline in bitcoin mining’s emission intensity during the same period.
How does bitcoin mining compare to other industries in terms of sustainable energy usage?
According to the data, bitcoin mining ranks as the highest user of sustainable energy (52.6%) among sub-sectors. The banking sector follows as the next major consumer of clean energy with 39.2%.
Has bitcoin mining addressed concerns regarding climate change?
Yes, the data suggests that the bitcoin mining industry has taken heed of climate change concerns. The findings contradict prior studies that criticized bitcoin mining for its excessive electricity consumption.
Who compiled the data on bitcoin mining and sustainable energy?
The data was compiled by climate tech investor Daniel Batten and his team. Batten is also an environmental, social, and governance (ESG) analyst.
What is the impact of bitcoin on environmental and financial aspects?
Bitcoin, according to Batten, plays a crucial role in mitigating methane emissions, facilitating the transition to renewables, and providing financial sovereignty to over 4 billion people.
How has the emission intensity of bitcoin mining changed over time?
The data shows a decline in bitcoin mining’s emission intensity, dropping from over 500 g/kWh in July 2021 to 296 g/kWh by June 2023. This reduction of over 50% in emission intensity surpasses the banking sector’s decline of 3.3%.
Which industries exhibit the highest emission intensity?
The iron and steel industry exhibits the highest emission intensity, with a minimal decrease of 0.5% during the analyzed period. The gold industry follows closely with an emission intensity of 679 g/kWh, and the agricultural sector trails behind at 646 g/kWh.
More about sustainable energy usage
- Bitcoin Energy and Emissions Sustainability Tracker (BEEST) Model
- Climate Tech Investor Daniel Batten
- Environmental, Social, and Governance (ESG) Analysis
- Methane Emissions and Renewable Transition
1 comment
while it’s good to see a decrease in emission intensity, we should still focus on reducing overall energy consumption. bitcoin mining is still energy-intensive. #SustainabilityMatters