{"id":552318,"date":"2023-09-21T19:00:22","date_gmt":"2023-09-21T19:00:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552318"},"modified":"2024-06-11T07:09:14","modified_gmt":"2024-06-11T07:09:14","slug":"bitcoin-energy-shift-hashrate","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-energy-shift-hashrate\/","title":{"rendered":"Bloomberg Analyst Lauds Bitcoin Energy Shift Amid Rising Hashrate"},"content":{"rendered":"

The Bitcoin mining industry has risen steadily in the past few years thanks to the widespread adoption and increasing interest in the Bitcoin blockchain. This growth has led to a <\/span>vast increase<\/span><\/a> in Bitcoin’s hash rate, causing concerns regarding the carbon footprint left behind by mining activities.<\/span><\/p>\n

A recent <\/span>Bloomberg study<\/span><\/a> has shown, however, that the carbon footprint left behind by the Bitcoin blockchain has stalled in recent years.\u00a0<\/span><\/p>\n

Bitcoin Unlikely To Burn The Oceans<\/h2>\n

It’s no news that Bitcoin mining is now a big industry on its own, with some mining firms even <\/span>contributing to the economy and grid<\/span><\/a> of their locations. Major BTC mining companies have also turned years of profits, which have <\/span>attracted many investors<\/span><\/a>, including large investment firms.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts More Trouble Ahead For Bitcoin Price, Here\u2019s Why<\/a><\/div>\n

The issue of climate change and rising temperature have been the focus of many activists for years, with many accusing the energy-intensive activities of BTC mining of contributing negatively. As a result, regulatory agencies have been more insistent that mining corporations investigate safer and cleaner alternatives to fossil fuels for their energy needs.\u00a0<\/span><\/p>\n

To this end, Jamie Coutts, an analyst for Bloomberg, revealed that the percentage of Bitcoin transactions that use sustainable energy has increased steadily since 2021 and is now over 50%.\u00a0<\/span><\/p>\n

\n

A new report has dropped on the Bloomberg @TheTerminal<\/a> this morning – a further examination of this symbiosis between #Bitcoin<\/a> mining and the global #EnergyTransition<\/a><\/p>\n

\ud83e\uddf5 pic.twitter.com\/4lPt9cFAl9<\/a><\/p>\n

\u2014 Jamie Coutts CMT (@Jamie1Coutts) September 20, 2023<\/a><\/p><\/blockquote>\n

This rise was particularly kickstarted by China’s ban on Bitcoin Mining in 2021 and Kazakhstan’s <\/span>cap on the energy<\/span><\/a> used by domestic crypto miners. Since then, the overall hash rate has increased by 286%, yet carbon dioxide emissions have decreased from 600 grams of CO2 per KWh to 296.5 grams of CO2 per KWh.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC struggles in the mid $26,000s | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
What Does This Mean For The BTC Ecosystem?<\/h2>\n
Bitcoin mining’s energy requirements take up around 50% of a miner’s operational cost. Cheaper clean energy is a way to offset these costs while simultaneously reducing the industry’s emissions or carbon intensity.\u00a0<\/span><\/p>\n
The Cambridge Centre for Alternative Finance (CCAF) also <\/span>recently lowered its Bitcoin electricity consumption<\/span><\/a> estimates by 25% from 105.3 TWh to 95.5 TWh, showing the transition is having better effects.<\/span><\/p>\n
A transition into cleaner energy methods speaks well for BTC and the crypto industry as a whole, considering the blockchain has been heavily criticized in the past by environmentalists. This leaves room for companies to accept Bitcoin as a payment method without facing any kind of backlash.\u00a0<\/span><\/p>\n
Elon Musk’s Tesla, for instance, <\/span>pledged in 2021<\/span><\/a> to resume allowing BTC payment for its cars when there\u2019s a confirmation of 50% clean energy usage by miners.<\/span><\/p>\n
Related Reading: Report Says Ethereum Is Trading Well Below Fair Value, What\u2019s The Correct Figure?<\/a><\/div>\n
Additionally, Climate technology venture investor and activist Daniel Batten argues that this metric is more than 50%.<\/span><\/p>\n
\n
Bloomberg Intelligence recently concluded that Bitcoin sustainable energy use has now surpassed 50%, contradicting Cambridge’s model.<\/p>\n
Here’s a deep dive on why:<\/p>\n
Cambridge’s model of Bitcoin emissions, which stopped updating in Jan 2022, states that Bitcoin is 37.6% from\u2026 pic.twitter.com\/CP4QPmQvsb<\/a><\/p>\n
\u2014 Daniel Batten (@DSBatten) September 18, 2023<\/a><\/p><\/blockquote>\n
On-chain analyst Willy Woo also <\/span>estimates that the carbon footprint<\/span><\/a> of the Bitcoin mining sector can be turned negative by an investment of around $450 million.<\/span><\/p>\n
Featured image from Fidelity Investments, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin mining industry has risen steadily in the past few years thanks to the widespread adoption and increasing interest in the Bitcoin blockchain. This growth has led to a vast increase in Bitcoin’s hash rate, causing concerns regarding the carbon footprint left behind by mining activities. A recent Bloomberg study has shown, however, that the carbon footprint left behind by the Bitcoin blockchain has stalled in recent years.\u00a0 Bitcoin Unlikely To Burn The Oceans It’s no news that Bitcoin mining is now a big industry on its own, with some mining firms even contributing to the economy and grid of their locations. Major BTC mining companies have also turned years of profits, which have attracted many investors, including large investment firms.\u00a0 Related Reading: Crypto Analyst Predicts More Trouble Ahead For Bitcoin Price, Here\u2019s Why The issue of climate change and rising temperature have been the focus of many activists for years, with many accusing the energy-intensive activities of BTC mining of contributing negatively. As a result, regulatory agencies have been more insistent that mining corporations investigate safer and cleaner alternatives to fossil fuels for their energy needs.\u00a0 To this end, Jamie Coutts, an analyst for Bloomberg, revealed that the percentage of Bitcoin transactions that use sustainable energy has increased steadily since 2021 and is now over 50%.\u00a0 A new report has dropped on the Bloomberg @TheTerminal this morning – a further examination of this symbiosis between #Bitcoin mining and the global #EnergyTransition \ud83e\uddf5 pic.twitter.com\/4lPt9cFAl9 \u2014 Jamie Coutts CMT (@Jamie1Coutts) September 20, 2023 This rise was particularly kickstarted by China’s ban on Bitcoin Mining in 2021 and Kazakhstan’s cap on the energy used by domestic crypto miners. Since then, the overall hash rate has increased by 286%, yet carbon dioxide emissions have decreased from 600 grams of CO2 per KWh to 296.5 grams of CO2 per KWh. BTC struggles in the mid $26,000s | Source: BTCUSD on Tradingview.com What Does This Mean For The BTC Ecosystem? Bitcoin mining’s energy requirements take up around 50% of a miner’s operational cost. Cheaper clean energy is a way to offset these costs while simultaneously reducing the industry’s emissions or carbon intensity.\u00a0 The Cambridge Centre for Alternative Finance (CCAF) also recently lowered its Bitcoin electricity consumption estimates by 25% from 105.3 TWh to 95.5 TWh, showing the transition is having better effects. A transition into cleaner energy methods speaks well for BTC and the crypto industry as a whole, considering the blockchain has been heavily criticized in the past by environmentalists. This leaves room for companies to accept Bitcoin as a payment method without facing any kind of backlash.\u00a0 Elon Musk’s Tesla, for instance, pledged in 2021 to resume allowing BTC payment for its cars when there\u2019s a confirmation of 50% clean energy usage by miners. Related Reading: Report Says Ethereum Is Trading Well Below Fair Value, What\u2019s The Correct Figure? Additionally, Climate technology venture investor and activist Daniel Batten argues that this metric is more than 50%. Bloomberg Intelligence recently concluded that Bitcoin sustainable energy use has now surpassed 50%, contradicting Cambridge’s model. Here’s a deep dive on why: Cambridge’s model of Bitcoin emissions, which stopped updating in Jan 2022, states that Bitcoin is 37.6% from\u2026 pic.twitter.com\/CP4QPmQvsb \u2014 Daniel Batten (@DSBatten) September 18, 2023 On-chain analyst Willy Woo also estimates that the carbon footprint of the Bitcoin mining sector can be turned negative by an investment of around $450 million. Featured image from Fidelity Investments, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":552327,"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":[428,640,89453,656,1039,1119,89185,11450,14690,89241],"class_list":["post-552318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-mining-news","tag-bitcoin-news","tag-bloomberg","tag-btc","tag-btc-news","tag-crypto-mining","tag-crypto-news","tag-mining-news"],"acf":[],"yoast_head":"\nBloomberg Analyst Lauds Bitcoin Energy Shift Amid Rising Hashrate<\/title>\n<meta name=\"description\" content=\"The Bitcoin mining industry has risen steadily in the past few years thanks to the widespread adoption and increasing interest.\" \/>\n<meta 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bloomberg Analyst Lauds Bitcoin Energy Shift Amid Rising Hashrate","url":"http:\/\/uniquehot.com\/news\/bitcoin-energy-shift-hashrate\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-energy-shift-hashrate\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-mining.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-mining.png?fit=2376%2C1313"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin mining","bitcoin mining news","bitcoin news","bloomberg","btc","btc news","crypto mining","crypto news","mining news"],"dateCreated":"2023-09-21T19:00:22Z","datePublished":"2023-09-21T19:00:22Z","dateModified":"2024-06-11T07:09:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bloomberg Analyst Lauds Bitcoin Energy Shift Amid Rising Hashrate\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-energy-shift-hashrate\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-energy-shift-hashrate\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-mining.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-mining.png?fit=2376%2C1313\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin mining\",\"bitcoin mining news\",\"bitcoin news\",\"bloomberg\",\"btc\",\"btc news\",\"crypto mining\",\"crypto news\",\"mining news\"],\"dateCreated\":\"2023-09-21T19:00:22Z\",\"datePublished\":\"2023-09-21T19:00:22Z\",\"dateModified\":\"2024-06-11T07:09:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-mining.png?fit=2376%2C1313","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552318"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=552318"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/552327"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=552318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=552318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=552318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}