IS BITCOIN SUSTAINABLE?
Enough of the FUD; what are the FACTS
Bitcoin energy consumption rose 17% to 138 TWh annually, while hardware efficiency improved by 24% year-on-year, reaching 28.2 J/TH by June 2024. As global hashrate and energy usage has increased πover the years, miner efficiency and renewable energy source usage have both increased as well π
52.4% of energy usage is sustainable (42.6% renewables (hydro π, solar βοΈ, wind π¨ , geothermal π), 9.8% nuclear βοΈ), up from 37.6% in 2022. Natural gas (38.2%) overtook coal (8.9%) as the largest single source. Oil and fossil fuel use is none to negligible.
86.9% of decommissioned ASIC hardware is resold, repurposed, or recycled π
Trends indicate that mining companies are exploring HPC/AI π€, flared gas π₯, waste-heat recovery π, and demand-side response for new revenue and efficiency. (Click βAsk Grokβ if youβre curious what some of these are π)
Greenhouse gas emissions due to bitcoin have been reduced to 39.8 MtCOβe in 2024 (which is 0.08% of global total GHG emissions), down from 69.6 MtCOβe in prior estimates. Nearly cut in 1/2, so far.
So what do you think? π
β’ Is the Bitcoin mining industry βa great evilβ?
β’ Is it acting in good faith and actively seeking sustainability?
Share your thoughts please ππΌπ¬π
