Bitcoin Mining Becoming More Energy Efficient as Hash Rate Rises, Slowing Emissions Growth

Bitcoin's hash rate continues to increase while its emissions intensity decreases, a rare achievement per Bloomberg analyst Jamie Coutts.
Sustainable energy usage for Bitcoin mining has risen above 50% since 2021, slowing emissions growth.
Incentives to use cheap energy sources contribute to rising hash rate and lower industry emissions.
If Bitcoin scales to hundreds of millions of users, its emissions impact will be minimal.
Bitcoin's role in the energy transition could attract institutional and sovereign capital, per Coutts.

cointelegraph.com

Relevant topic timeline:

8/24/2023

The future of BTC mining and the Bitcoin halving

In the latest episode of Market Talks, the future of BTC mining, the impact of the upcoming Bitcoin halving, and the ability for miners to hedge their operations with hash rate derivatives are discussed, with predictions that Bitcoin's volatility will decrease over time and the market will experience macro headwinds and potential new lows in the next six months.

8/28/2023

Bitcoin revenue per terahash nears record lows as hashrate soars

Bitcoin miners are struggling to stay profitable as the network hash rate reaches new highs, resulting in plummeting revenue and diluting shareholders.

9/12/2023

Bitcoin Network Strength Grows Despite Recent Price Slump

Bitcoin's hash rate is near a record high, addresses holding 0.1 BTC are at an all-time high, and the amount of Bitcoin held on exchanges is declining, indicating bullish fundamentals for the cryptocurrency.

9/13/2023

Crypto Markets Stay Calm Amid Rising Rates and Regulatory Uncertainty

The recent increase in interest rates has impacted the price of bitcoin, with factors like opportunity cost, risk sentiment, and inflation expectations playing a role.

9/22/2023

New report shows Bitcoin mining's potential to cut emissions and catalyze energy transition

Bitcoin mining has the potential to reduce global emissions by converting wasted methane into less harmful emissions, according to a report by the Institute of Risk Management (IRM).

10/17/2023

Bitcoin Dominance Rises, Threatening Early 2021 Altcoin Gains

Bitcoin's dominance rate in the overall cryptocurrency market is rising to its highest level in months, threatening the rally of alternative cryptocurrencies, and is expected to continue growing in the coming days, according to technical analysis.

Topics

Posted 9/21/2023, 4:42:24 AM