Cambridge University Research Shows Reduced Gains in Sustainable Energy

Cambridge University Research Shows Reduced Gains in Sustainable Energy ...

Bitcoin is struggling to go green, with the cryptocurrency making only a small increase in its use of renewable energy from January to January, according to Cambridge University on Tuesday.

Powerful computers, connected to a worldwide network, are capable of solving complex mathematical problems.

The process divides electricity with a large reliance on harmful fossil fuels, such as coal, which has drawn criticism from policymakers, investors, and environmentalists who are concerned about its incidence on global warming.

Projects have sought ways to shift Bitcoin mining towards cleaner energy, such as repurposing heat byproducts from oil extraction for crypto mining.

Yet fossil fuels accounted for roughly 62 percent of Bitcoin''s energy supply in January 2022, according to the latest statistics, comparative to 65 percent in the year previously, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI).

While the level of coal fell from 47 percent to 37 percent, Bitcoin became more dependent on gas, which in January accounted for a quarter of its energy supply, compared to 16 percent the previous year.

  • Australia''''s CBDC Pilot to Be Completed By Mid-2023

The scale of sustainable power as nuclear, hydro, wind, and solar power has barely increased, affecting 38 percent from 35 percent a year earlier. Hydro has decreased to 15 percent from around 20 percent.

Bitcoin mining is generally unregulated and opaque, with only centralized bodies gathering data. The Cambridge study was based on data about the geographical spread of mining across the globe and the energy mix of various nations.

According to the report, their findings "noticeably deviat" from Bitcoin Mining Council''s industry group, which measured the percentage of sustainable energy in Bitcoin''s power mix in July by about 60%.

"We are attempting to demonstrate what Bitcoin''s footprint is," said CBECI''s lead. "The energy mix has a significant impact on greenhouse gas emissions."

Bitcoin''s greenhouse gas emissions are expected to exceed 48.4 million tonnes this year, despite being 14 percent lower than predicted emissions for 2021, according to CBECI.

2022 Thomson Reuters