{"id":536311,"date":"2023-06-02T20:00:59","date_gmt":"2023-06-02T20:00:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=536311"},"modified":"2024-06-11T08:07:41","modified_gmt":"2024-06-11T08:07:41","slug":"bitcoin-greener-unexpected-pace-good-btc-price","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-greener-unexpected-pace-good-btc-price\/","title":{"rendered":"Bitcoin Is Becoming Greener At An Unexpected Pace, Good For BTC Price?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Bitcoin, the world\u2019s most valuable cryptocurrency, is going green, and the pace at which the network has reduced its carbon emissions in the past three years has been noted by climate activists. Nonetheless, how this could impact BTC prices and attract technology firms like Tesla, the electric automobile manufacturer, is yet to be seen.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Carbon Emission Associated With Bitcoin Miners Rapidly Falling<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">As of late May, on-chain data from Woonomic\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/DSBatten\/status\/48572928\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shared<\/span><\/a><span data-preserver-spaces=\"true\"> by Daniel Batten, a climate technology investor, and activist, noted that the amount of Carbon emission associated with Bitcoin mining has fallen by nearly 50% from 601g\/kWh to 299g\/kWh in three short years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It should be observed that the Bitcoin hash rate and prices have been rising steadily during this time. In the last quarter of 2021, the Bitcoin price soared to as high as $69,000 before collapsing to below $16,000 in November 2022. Although prices have since recovered, soaring to as high as $31,000 in April 2023, the hash rate has been steadily rising over the years.\u00a0<\/span><\/p>\n<figure style=\"width: 1225px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/kDcaLyzP\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/kDcaLyzP\/\" alt=\"Bitcoin Price On June 2| Source: BTCUSDT On Binance, TradingView\" width=\"1225\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin Price On June 2| Source: <a href=\"https:\/\/www.tradingview.com\/x\/kDcaLyzP\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">In proof-of-work networks like Bitcoin and Litecoin, the hash rate relays the computing power dedicated to the network in real time. It is a variable that makes the network secure and robust against third-party attacks, and can also be used to gauge the pace at which the Bitcoin platform consumes energy.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ripple\/ripple-cto-schwartz-reveals-insights-into-amm-trading-strategy\/\" target=\"_blank\" rel=\"noopener \">Ripple CTO Schwartz Reveals Insights Into AMM Trading Strategy<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Miners channel computing power as \u201chash rate\u201d to secure the Bitcoin network. They need this to verify transactions in exchange for network rewards. The more the hash rate, the higher the chance of earning a block and, thus, the 6.25 BTC every 10 minutes.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the tough competition for the block rewards has been partly blamed for environmental degradation and carbon emissions from miners. To stay competitive, Bitcoin miners have to operate gear that is energy-intensive. Critics have always maintained that electricity powering them is from coal and other non-renewable sources.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of June 2, the Bitcoin Energy Consumption Index\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/digiconomist.net\/bitcoin-energy-consumption\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\"> that 105.23 TWh powers Bitcoin. It is the same amount of electricity consumed by Kazakhstan. The resulting Carbon emission, they add, stands at 58.69 Mt CO2, comparable to that emitted by Libya.<\/span><\/p>\n<p>However, <a href=\"https:\/\/bitcoinminingcouncil.com\/bitcoin-mining-council-survey-confirms-year-on-year-improvements-in-sustainable-power-mix-and-technological-efficiency-in-q4-2022\/\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> from the Bitcoin Mining Counsel, a group comprised of some of the largest BTC miners in the world, provides more insight into the cryptocurrency&#8217;s energy consumption after conducting a study on its members:<\/p>\n<blockquote><p>(&#8230;) the members of the BMC (Bitcoin Mining Council) and participants in the survey are currently utilizing electricity with a 63.8% sustainable power mix. Based on this data, the global bitcoin mining industry\u2019s sustainable electricity mix has improved marginally to 58.9% and remains one of the most sustainable industries globally.<\/p><\/blockquote>\n<h2><span data-preserver-spaces=\"true\">Will Green Mining Support BTC Prices?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In that sense, Woonomic data coincides that emissions have fallen drastically over the last three years. It has nearly halved to 299g\/kWh, suggesting miners switched to greener energy sources to power their rigs.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bloombergs-senior-macro-strategist-predicts-more-pain-ahead-for-bitcoin\/\" target=\"_blank\" rel=\"noopener \">Bloomberg\u2019s Senior Macro Strategist Predicts More Pain Ahead For Bitcoin<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Technology companies would likely consider adopting BTC as payment as carbon emissions fall. Earlier, Tesla reneged on their decision to accept BTC for payment, citing the impact of Bitcoin mining on the environment. With Carbon emissions decreasing, this could positively impact BTC as major entities worldwide will embrace the coin and network.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin, the world\u2019s most valuable cryptocurrency, is going green, and the pace at which the network has reduced its carbon emissions in the past three years has been noted by climate activists. Nonetheless, how this could impact BTC prices and attract technology firms like Tesla, the electric automobile manufacturer, is yet to be seen. Carbon Emission Associated With Bitcoin Miners Rapidly Falling As of late May, on-chain data from Woonomic\u00a0shared by Daniel Batten, a climate technology investor, and activist, noted that the amount of Carbon emission associated with Bitcoin mining has fallen by nearly 50% from 601g\/kWh to 299g\/kWh in three short years. It should be observed that the Bitcoin hash rate and prices have been rising steadily during this time. In the last quarter of 2021, the Bitcoin price soared to as high as $69,000 before collapsing to below $16,000 in November 2022. Although prices have since recovered, soaring to as high as $31,000 in April 2023, the hash rate has been steadily rising over the years.\u00a0 In proof-of-work networks like Bitcoin and Litecoin, the hash rate relays the computing power dedicated to the network in real time. It is a variable that makes the network secure and robust against third-party attacks, and can also be used to gauge the pace at which the Bitcoin platform consumes energy. Related Reading: Ripple CTO Schwartz Reveals Insights Into AMM Trading Strategy Miners channel computing power as \u201chash rate\u201d to secure the Bitcoin network. They need this to verify transactions in exchange for network rewards. The more the hash rate, the higher the chance of earning a block and, thus, the 6.25 BTC every 10 minutes.\u00a0 However, the tough competition for the block rewards has been partly blamed for environmental degradation and carbon emissions from miners. To stay competitive, Bitcoin miners have to operate gear that is energy-intensive. Critics have always maintained that electricity powering them is from coal and other non-renewable sources. As of June 2, the Bitcoin Energy Consumption Index\u00a0shows that 105.23 TWh powers Bitcoin. It is the same amount of electricity consumed by Kazakhstan. The resulting Carbon emission, they add, stands at 58.69 Mt CO2, comparable to that emitted by Libya. However, data from the Bitcoin Mining Counsel, a group comprised of some of the largest BTC miners in the world, provides more insight into the cryptocurrency&#8217;s energy consumption after conducting a study on its members: (&#8230;) the members of the BMC (Bitcoin Mining Council) and participants in the survey are currently utilizing electricity with a 63.8% sustainable power mix. Based on this data, the global bitcoin mining industry\u2019s sustainable electricity mix has improved marginally to 58.9% and remains one of the most sustainable industries globally. Will Green Mining Support BTC Prices? In that sense, Woonomic data coincides that emissions have fallen drastically over the last three years. It has nearly halved to 299g\/kWh, suggesting miners switched to greener energy sources to power their rigs. Related Reading: Bloomberg\u2019s Senior Macro Strategist Predicts More Pain Ahead For Bitcoin Technology companies would likely consider adopting BTC as payment as carbon emissions fall. Earlier, Tesla reneged on their decision to accept BTC for payment, citing the impact of Bitcoin mining on the environment. With Carbon emissions decreasing, this could positively impact BTC as major entities worldwide will embrace the coin and network. Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":536312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,640,1119,1122,88371,88372,15899,4096],"class_list":["post-536311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining","tag-btc","tag-btc-price","tag-green-crypto-mining","tag-green-energy-sources","tag-hash-rate","tag-tesla"],"acf":[],"yoast_head":"\n<title>Bitcoin Is Becoming Greener At An Unexpected Pace, Good For BTC Price?<\/title>\n<meta name=\"description\" content=\"Bitcoin mining is now green and this could support BTC prices in the days ahead as more technology companies like Tesla embrace the coin.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/\",\"https:\/\/x.com\/Dalmas_Ngetich\"],\"url\":\"https:\/\/uniquehot.com\/author\/dalmasngetich\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Is Becoming Greener At An Unexpected Pace, Good For BTC Price?","description":"Bitcoin mining is now green and this could support BTC prices in the days ahead as more technology companies like Tesla embrace the coin.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/bitcoin-greener-unexpected-pace-good-btc-price\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Is Becoming Greener At An Unexpected Pace, Good For BTC Price?","og_description":"Bitcoin mining is now green and this could support BTC 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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