Nuclear and gas fastest growing energy sources for Bitcoin mining: Data

[_act_]

https://cointelegraph.com/news/nuclear-and-gas-fastest-growing-energy-sources-for-bitcoin-mining-data

According to the report, coal alone accounts for 37% of total bitcoin mining electricity consumption in 2022. Among sustainable energy source, hydroelectric power accounts for 15%. In the report, clean energy generation for mining bitcoin has increased if compared to 2021.

Despite Bitcoin mining significantly relying on coal and hydropower, the shares of these energy sources in the total BTC energy mix have been dropping over the past several years. In 2020, coal power powered 40% of global BTC mining. Hydropower’s share has more than halved from 2020 to 2021, tumbling from 34% to 15%.

We can see on the images how fossil fuel energy production is decreasing, while clean energy production like natural gas and nuclear energy are increasing.

[NeuroticFish]

We can see on the images how fossil fuel energy production is decreasing, while clean energy production like natural gas and nuclear energy are increasing.

With fossil fuels getting overly expensive, this is a normal direction. Miners can use only the cheapest energy, else they will mine at a loss.
Especially with China ban on mining and the energy war Russia is doing against the world, this is pretty much what we have now.

[tbct_mt2]

Bitcoin Mining Council report has an information that the percent of sustainable electricity mix has increase of 6% from 2021 to 2022, Q2.

I think it is a good transition but it is a normal change because more geographical areas have been involved in bitcoin mining. We see in newly adopted locations for Bitcoin mining, they have good sustainable electricity resources.

Based on this data it is estimated that the global bitcoin mining industry's sustainable electricity mix is now 59.5% or had increase approximately 6% year-on-year, from Q2 2021 to Q2 2022, making it one of the most sustainable industries globally.

[Rruchi man]

I think it is a good transition ...

Critics who formerly used to fault the danger to environment mining bitcoin with non sustainable energy will need a new reason as that one is becoming less valid with the transitioning. With more transitioning to sustainable energy sources we will have lesser air pollution as carbon emissions will be reduced thus having a safer environment.

[kryptqnick]

I'm hopeful that the shift toward cleaner sources of energy will be swift. It's important to break away from what's ruining our environment, and if Bitcoin can shift, it'll be inspiring for other industries as well as help Bitcoin's reputation. I still don't think that Bitcoin should be blamed on the scale it gets blamed, as electricity sources are often not something people can easily choose (there's a big role played by the country you live in, and how its energy system operates). Moreover, the argument that Bitcoin mining is unnecessary and should thus be stopped doesn't quite hold when there's tons of gaming people do, which also isn't necessary and affects the environment, and yet nobody's strongly campaigning against GPU and CPU companies to make them stop making even more power-hungry products.

[Sandra_hakeem]

Mining is gonna get unbearable if something isn't done about the contrary changes.
If Coal for just an annual mining has sniped itself that high, then they'll have to be some rejuvenations towards the mempools itself.

I have learnt that it's not even that profitable these days; even when they're running with GPU. The worst part of the story is that it's now becoming unnecessarily disastrous. I just hope something is done about the whole thing cus the world might take the chance to complain and/ refuse it resentments due to the recent pollutions.

Sandra 👩‍🦱

[BlackHatCoiner]

Mining is gonna get unbearable if something isn't done about the contrary changes.

It's transitioning to renewable sources. What's unbearable about that?

If Coal for just an annual mining has sniped itself that high, then they'll have to be some rejuvenations towards the mempools itself.

Two things:
- What does mempool have to do with coal spending?
- Coal is already getting more expensive, so you should expect less coal use over time.

I have learnt that it's not even that profitable these days

We recently hit an all time high difficulty. It's obviously profitable for some miners.

[hugeblack]

How can this data be verified as an estimated percentage of Bitcoin mining comes from unknown sources and therefore it is difficult to say for certain the nature of the energy they get.
Bitcoin mining is an activity that is only related to obtaining cheap energy, and whenever renewable sources are cheap, they will move to them.

[Leviathan.007]

Time after time more countries are getting into Nuclear energy resources and this will make some changes in bitcoin mining too, for example in many countries are planning for it to start using Nuclear energy resources for that purpose but still no matter if we are talking about Nuclear energy sources to gas and fossil energy sources because both of them are not renewable as far as I know the best option is always to move on renewable resources such as sun and wind power generators which is more clear and renewable and more suitable for bitcoin mining which is getting more famous in the world.

[dansus021]

is natural glas really clean energy? but a lot of people bitcoin is bad and keep consuming a lot energy in the other hand people mining with hydo and other renewable energy is getting popular and also this


Source

[Zlantann]

We can see on the images how fossil fuel energy production is decreasing, while clean energy production like natural gas and nuclear energy are increasing.

Currently, the war in Ukraine is affecting the power sector negatively and the cost of electricity is suffocating many households and organizations. Even the environmental champions are now silent because they are now the number one destroyers of the environment.

Hence, it is a piece of excellent news that the perceived greenhouse gas (GHG) that BTC mining emits is gradually reducing. The unexpected ban on cryptocurrency mining in some countries made miners desperate to seek other locations and sources of power without really considering the environmental implication. Although the impact of mining on the environment is always overblown by critics Bitcoin would keep proving them wrong.

Although it might be gradual, Bitcoin mining is transforming to become very friendly to the environment. If the government would consciously and genuinely cooperate and partner with miners instead of attacking them, this power switch would be attained in a few years.   

[Pumared]

This change in the energy matrix is natural, both for society itself and for Bitcoin. But what amazes me is the use of nuclear energy, I believe it is not the main focus of a machine but mine bitcoin!

[tbct_mt2]

Critics who formerly used to fault the danger to environment mining bitcoin with non sustainable energy will need a new reason as that one is becoming less valid with the transitioning.

It is not valid critics because they don't make critics based on evidence. Even before the Great Hashrate Migration and considerable changes in energy sources for Bitcoin mining industry, they wrote bad words about the industry but they ignored the fact that it is more sustainable than others.

With more transitioning to sustainable energy sources we will have lesser air pollution as carbon emissions will be reduced thus having a safer environment.

Bitcoin mining industry is only a very minor one amongst many other industries on Earth. Only Bitcoin mining industry can not stop and change the global warming but we should appreciate the improvement for Bitcoin. More decentralized, especially more sustainable and more reasons to not be banned.

[yazher]

Critics who formerly used to fault the danger to environment mining bitcoin with non sustainable energy will need a new reason as that one is becoming less valid with the transitioning. With more transitioning to sustainable energy sources we will have lesser air pollution as carbon emissions will be reduced thus having a safer environment.

They probably leave this reasoning behind cause it doesn't make sense anymore if they still use it as their alibis to downgrade bitcoin mining. Now that nuclear energy is being used and it's sufficient than the other energy source, more of it will come and will gonna use the same method for crypto mining in the coming days. nevertheless, this is a really good thing for the crypto market. since the war broke out, lots of things became expensive and luckily they found a way to cut their bills and to still earn with the current situation of the world.

[pooya87]

According to the report, coal alone accounts for 37% of total bitcoin mining electricity consumption in 2022.

I'm having a hard time believing this percentage and the article claims it comes from Cambridge, I've already debunked their report about hashrates from different countries where they don't use any kind of logic or calculation but instead gather the news in the media and report percentages that way!!!

This could be the same. Only under developed countries that don't have access to energy or have super expensive ones use coal to produce electricity. India, China, US and Japan are the biggest ones. China's hashrate is very small, India was never a big player in mining scene and US miners are mostly using cheap electricity that doesn't come from burning coal (I don't think Japan has high hashrates either).
The rest of the world use gas and other fossil fuels and renewable energies to produce electricity.

[Kakmakr]

The people with the hidden agendas does not worry about the source of the energy used for mining... their agenda are focused on PoW and how much energy it consumes. If all the energy consumed by Crypto mining were coming from sustainable and clean power sources, they will still moan about the amount that is used.

We are dealing with shills for the governments and people that are making money from the Fiat financial system, who are drumming up these false facts about Crypto mining to justify their attacks on PoW. 

[romero121]

During the same time period global renewable energy production too increased. The world is in need of an alternate to the oil. In some part of the world oil production companies itself have got into mining with the excess energy that is being left unused. The World is changing in terms of energy usage and the same is getting along with bitcoin mining. Miners always look for the best choice that makes them mining process cost effective.

One side negativity is being spread around that Bitcoin mining is against green energy. On the other side mining with renewable energy keeps increasing with time. Someday everything turns to be on renewable energy, even by that time someone will come to state bitcoin is causing pollution.

[Darker45]

I'm not sure how much of the Bitcoin miners prioritize the environment over revenue, but I guess, while mining is for the smooth and secure running of the network, it is still business. People are not mining just for the sake of maintaining the network as if it's a selfless act. They're not mining all for the sake of mining. I think they want or need to earn. They're after profit. In line with this, miners will operate on cheaper energy and on what's abundantly available.

[stompix]

I have learnt that it's not even that profitable these days; even when they're running with GPU.

GPU mining has not been profitable for a decade, nobody mines bitcoin with GPUs.
And obviously, since there are no hiccups in the chain, bitcoin mining is still profitable, when it won't be for 10% those will drop out, and instead of splitting 900 daily coins to 100 people, you will be splitting to 90, making slightly more profitable for a while for some.

I'm hopeful that the shift toward cleaner sources of energy will be swift. It's important to break away from what's ruining our environment, and if Bitcoin can shift, it'll be inspiring for other industries as well as help Bitcoin's reputation.

The truth nobody wants to hear is that coal and gas are cheaper than anything else, hydroelectricity is only for a few places, they run on long-term contracts, and most of them work as grid balance so it's pretty hard for miners to get directly this source. Solar work only during the day, the wind does only when lol, it's windy, no sane miner would rely on this for its business. It's hard to go over the price, and I'm really getting tired of pointing out how Riot and Mara are getting 2-4 cents kWh from coal power and switching to green or renewable energy that is simply going to bankrupt you long term.

Look at what's happening in California, going all green spending billions and with the most expensive kit, the highest increase in price compared to any other state, and, what a surprise the most blackouts.

[$anounimus$]

In the long term, all of the strategies mentioned above will enable mining companies to meet growing energy demands, and ideally, even reduce their carbon footprints over time.

I think the most interesting thing is that because renewable energy has been in development for so long, this trend is not surprising. The only problem here as far as I can tell is deciding how much energy the Bitcoin network actually uses. Despite these minor issues, I think it is positive to see that clean energy sources are growing faster than fossil fuels.