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 📈over the years, miner efficiency and renewable energy source usage have both increased as well 👌
52.4% of energy usage is sustainable (42.6% renewables (hydro 🌊, solar ☀️, wind 💨 , geothermal 🌋), 9.8% nuclear ⚛️), 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 🔄
Trends indicate that mining companies are exploring HPC/AI 🤖, flared gas 🔥, waste-heat recovery 🔂, and demand-side response for new revenue and efficiency. (Click “Ask Grok” if you’re curious what some of these are 👆)
Greenhouse gas emissions due to bitcoin have been reduced to 39.8 MtCO₂e in 2024 (which is 0.08% of global total GHG emissions), down from 69.6 MtCO₂e in prior estimates. Nearly cut in 1/2, so far.
So what do you think? 💭
• Is the Bitcoin mining industry “a great evil”?
• Is it acting in good faith and actively seeking sustainability?
Share your thoughts please 🙏🏼💬👇
