According to a survey, Bitcoin is greener than the whole continent of Europe, which itself is the greenest of all places, with the U.S. using only 30 percent sustainable energy in its mix. The report shows China as the globe’s biggest polluter, using only 14.4 percent sustainable energy. At the same time, China also consumes the most energy, with it accounting for 39,361 TW/h – the U.S. is in second place with 26,291 out of global consumption of 162,184 TW/h.
The Bitcoin data comes from 32 percent of BTC miners, showcasing that they are using 67 percent sustainable energy, which is defined as electricity generated by hydro, wind, solar, nuclear, geothermal, and carbon-based generation with net carbon credits. Generalizing the world network based on the32 percent of miners surveyed, the report concludes that 6 percent of BTC’s energy consumption globally is sustainable.
“If you are an ESG activist, Bitcoin is the most ESG friendly industry in the world,” Michael Saylor of Microstrategy said.
However, the data can be critiqued for potentially being self-selective in regard to the miners because they were all part of the BMC (Bitcoin Mining Council), which aims to enhance green energy usage in BTC mining. On the other hand, this is the first survey of its kind to showcase Bitcoin’s energy mix, claiming it has increased from 36.8 percent in the first quarter to 56 percent. A large part of that might be the crackdown on Chinese miners, which led to the closing of their farming plants. Not necessarily because they didn’t use clean energy, but because the unknown energy combination has dissipated as the global hash rate has reduced.
Whether the report’s findings will make any difference to Tesla, which first mentioned the issue in justification of suspending BTC as a payment method, is not clear. However, it does show that the mining industry is taking the matter seriously.