Key Points
Bitcoin’s Growing Green Energy Use
Bitcoin’s [BTC](https://coineagle.com/price/bitcoin/) energy consumption from renewable sources reached an all-time high in February. This is according to an analysis by Daniel Batten, a well-known Bitcoin environmental impact analyst.
The network was getting 55% of its energy requirements from renewable sources. This is up from 54.5% the previous month. Four years ago, this figure was below 40%.
Batten pointed out three factors contributing to this month’s rise. First, Bitcoin mining company Luxor Technology ventured into Ethiopia. Here, they harnessed 200 MW of power from the country’s vast renewable energy resources, primarily hydroelectric power.
Secondly, Unblock Global, a Bitcoin miner based in Argentina, used 15 MW of flared gas from the country’s crude oil reserves. This powered its operations. Lastly, U.S. mining firm CleanSpark, which uses low-carbon power, increased its mining operations.
Bitcoin mining has been a hot topic of debate due to its high energy consumption. Critics have labelled it as one of the largest emitters of greenhouse gases. However, emissions have significantly reduced in recent years.
Bitcoin’s mining emissions intensity reached an all-time low. It fell by 52% in four years. As a result, Bitcoin’s environmental efficiency is currently higher than many other sectors.
The Bitcoin blockchain has seen significant growth due to increased mainstream acceptance. According to an analysis of Glassnode’s data, daily transactions on the network have more than doubled in the last four years. To meet this higher demand, the network’s hash rate has also grown proportionately, leading to an ever-increasing demand for electricity.
