{"id":181640,"date":"2023-09-21T05:39:25","date_gmt":"2023-09-21T05:39:25","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181640"},"modified":"2023-09-21T05:39:25","modified_gmt":"2023-09-21T05:39:25","slug":"bitcoin-energy-pivot-achieves-what-few-industries-can-claim-bloomberg-analyst","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-energy-pivot-achieves-what-few-industries-can-claim-bloomberg-analyst\/","title":{"rendered":"Bitcoin energy pivot achieves what \u2018few industries can claim\u2019 \u2014 Bloomberg analyst"},"content":{"rendered":"
While the Bitcoin network has continued to expand over the years, the Bitcoin (BTC) mining industry has yet to see a comparable increase in carbon footprint \u2014 an achievement that a Bloomberg analyst argues \u201cfew industries can claim.\u201d<\/p>\n
This, in turn, could drive the next wave of institutional investment. <\/p>\n
On Sept. 20, Bloomberg crypto market analyst Jamie Coutts cited data showing that the sustainable energy mix for Bitcoin has continued to rise since 2021 and is now over 50%.\u00a0This has led to the growth of emissions slowing relative to the network\u2019s continued expansion.<\/p>\n
\u201cBitcoin as a global monetary network is scaling while its carbon impact declines. Few industries can claim this achievement.\u201d<\/p><\/blockquote>\n
He said that the evolving relationship between Bitcoin network growth and the global push to transition from fossil fuels could \u201ccatalyze a wave of institutional and even sovereign investment capital.\u201d<\/p>\n
The analyst added that as energy constitutes well over 50% of mining\u2019s operational costs:<\/p>\n
\u201cThe incentive to acquire the cheapest energy sources is contributing to the network\u2019s rising hash rate while simultaneously reducing the industry\u2019s emissions or carbon intensity.\u201d<\/p><\/blockquote>\n
Energy emissions refer to the greenhouse gases and air pollutants emitted as byproducts from different energy sources and activities, whereas carbon intensity measures how clean the electricity is.<\/p>\n
On Sept. 18, Cointelegraph reported that the next generation of Bitcoin miners was focusing on alternative energy sources for efficiency.<\/p>\n
However, the percentage of sustainable energy used in Bitcoin mining has been a point of debate, as Cambridge University\u2019s model (which hasn\u2019t been updated since January 2022) stated that mining from sustainable energy sources is just 37.6%.<\/p>\n
Climate technology venture investor and activist Daniel Batten, however, argues that this is actually above 50%.<\/p>\n
He said in anX post\u00a0that the Cambridge figures were out because off-grid mining and methane mitigation are currently not included in its calculations.<\/p>\n
Related: <\/em><\/strong>Bitcoin mining is becoming more environmentally friendly<\/em><\/strong><\/p>\n
Earlier this year, Batten reported\u00a0that the intensity of Bitcoin mining emissions had fallen to its lowest-ever level.<\/p>\n
<\/p>\n
Moreover, he predicts that the Bitcoin network will\u00a0become carbon neutral by December 2024.<\/p>\n
\u201cBy 2030, the Bitcoin network is projected to mitigate 10x more emissions from the atmosphere than it produces, an astonishing achievement,\u201d claimed Batten.<\/p>\n
Magazine: Bitcoin is on a collision course with \u2018Net Zero\u2019 promises<\/em><\/strong><\/p>\n