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Bitcoin Miners Showing Significant Inclination Toward Nuclear Energy: Report

Bitcoin Miners Showing Significant Inclination Toward Nuclear Energy: Report

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New data revealed that the share of sustainable energy sources in Bitcoin mining has grown rapidly over the past few years.

As of today, the age of Bitcoin is more than 13 years and it is enough that this largest market cap in the crypto sector is ripe for stability. But due to its decentralized nature, Bitcoin has a fierce mining competition, or say huge numbers of people mining Bitcoin using their own hash power, which consumes huge amounts of electricity.

Since its inception, Bitcoin has been criticized for its decentralized nature and high carbon emissions due to bad actors and mining, the latter being a necessary part of the Bitcoin network to be highly decentralized and highly secure.

On September 27, the Cambridge Center for Alternative Finance (CCAF) published a report on the electricity consumption of Bitcoin miners.
To make this report, CCAF collected data from the Cambridge Bitcoin Electricity Consumption Index (CBECI), a data source dedicated to mining.

The report stated that ⅔ of the Bitcoin network’s total electricity consumption will come from coal and natural gas sources by January 2022. This sustainable mixed electricity source of the Bitcoin network is about 38% of the total electricity consumption.

It is worth noting that 15% of the total electricity source of the Bitcoin network comes from hydroelectric sources. From 2020 to 2021, the share of hydraulic power sources in the Bitcoin network dropped from 34% to 15%. So currently, most of the electricity source for the Bitcoin network came from coal and gas.

Bitcoin Miners Show Significant Propensity For Nuclear Energy: Report 1

However, this information is not very environmentally friendly, but there is good news and we can hope that the situation will improve. The data stated that over the past 3-4 years, the share of nuclear and natural gas-based electricity sources in Bitcoin mining has increased significantly, accounting for 13% (of total gas and nuclear electricity consumption) to date.

Also read: Australia publishes its CBDC whitepaper & Pilot program

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