{"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

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While the Bitcoin network has continued to<\/p>\n","protected":false},"author":3,"featured_media":181639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin energy pivot achieves what \u2018few industries can claim\u2019 \u2014 Bloomberg analyst - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-energy-pivot-achieves-what-few-industries-can-claim-bloomberg-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin energy pivot achieves what \u2018few industries can claim\u2019 \u2014 Bloomberg analyst - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"While the Bitcoin network has continued to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-energy-pivot-achieves-what-few-industries-can-claim-bloomberg-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-21T05:39:25+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/09\/Bitcoin-energy-pivot-achieves-what-\u2018few-industries-can-claim-\u2014-Bloomberg-analyst.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-energy-pivot-achieves-what-few-industries-can-claim-bloomberg-analyst\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-energy-pivot-achieves-what-few-industries-can-claim-bloomberg-analyst\/\",\"name\":\"Bitcoin energy pivot achieves what \u2018few industries can claim\u2019 \u2014 Bloomberg analyst - 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