{"id":435551,"date":"2022-04-22T07:20:04","date_gmt":"2022-04-22T04:20:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/this-earth-day-analysts-say-bitcoin-mining-is-naturally-gravitating-to-green-energy\/"},"modified":"2022-04-22T07:20:04","modified_gmt":"2022-04-22T04:20:04","slug":"this-earth-day-analysts-say-bitcoin-mining-is-naturally-gravitating-to-green-energy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/this-earth-day-analysts-say-bitcoin-mining-is-naturally-gravitating-to-green-energy\/","title":{"rendered":"# This Earth Day analysts say Bitcoin mining is naturally gravitating to green energy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4132d4d04aa\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4132d4d04aa\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/this-earth-day-analysts-say-bitcoin-mining-is-naturally-gravitating-to-green-energy\/#%E2%80%9D_This_Earth_Day_analysts_say_Bitcoin_mining_is_naturally_gravitating_to_green_energy_%E2%80%9C\" >&#8221; This Earth Day analysts say Bitcoin mining is naturally gravitating to green energy &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_This_Earth_Day_analysts_say_Bitcoin_mining_is_naturally_gravitating_to_green_energy_%E2%80%9C\"><\/span>&#8221; This Earth Day analysts say Bitcoin mining is naturally gravitating to green energy &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>April 22 is Earth Day and with environmental sustainability one of the key topics in the global debate surrounding Bitcoin mining, analysts say the industry has begun to naturally gravitate towards cleaner and cheaper energy sources.<\/p>\n<p>According to a January report by the Bitcoin Mining Council, by Q4 2021, the global Bitcoin mining industry ran on an estimated 58.5% renewable energy.<\/p>\n<p>The preference for clean energy is due to a combination of environmental conscientiousness, political pressures, and an eye on the bottom line. It\u2019s resulting in a sea change that could have ripple effects that extend well beyond Bitcoin (BTC) mining onto power grid systems around the world.<\/p>\n<p>Bitcoin miners in Norway are cleaner than almost anywhere else on the planet thanks to the country\u2019s access to hydropower and other renewables. In fact, 100% of Norway\u2019s electricity is generated from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nve.no\/energi\/energisystem\/kraftproduksjon\/\">renewable<\/a> energy. <\/p>\n<p>Of Norway\u2019s 157 Terrawatt hours (TWh) of power produced per year, 88% is from hydroelectric, with wind and thermal force making up the remainder. <\/p>\n<p>Miners use that renewable energy to produce about 1% of the total Bitcoin hashrate according to data from blockchain research firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinshares.com\/research\/bitcoin-mining-network-2022\">CoinShares<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/d82f7f6f-0861-4df0-b32d-5e1553891599.PNG\"><figcaption style=\"text-align: center;\">Norway contributes about 1% o the total Bitcoin hashrate: CoinShares<\/figcaption><\/figure>\n<p>Mas Nakachi is Managing Director of Miami-based XBTO Group\u2019s Bitcoin mining operation XBTO. Founded in 2015, XBTO\u2019s mining operation takes in upwards of $25 million per year and claims to be completely powered by renewable energy sources.\u00a0<\/p>\n<p>He believes \u201chydropower is one of the most reliable renewable energy sources available to us.\u201d <\/p>\n<p>Wind power depends on the weather and solar power depends on daylight, but rivers can flow all day every day \u2014 and in various locales water can be pumped uphill during off peak periods as a way to store excess energy to run generators when needed. Nakachi told Cointelegraph that: <\/p>\n<blockquote><p>\u201cHarnessing hydroelectric power has remained an effective mechanism to maintain the most efficient mining possible.\u201d<\/p><\/blockquote>\n<p>Whereas a Feb. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S2214629621004813?via%3Dihub\">study<\/a> published in the <em>Energy Research &amp; <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">Science<\/a><\/em> journal concluded \u201ccryptocurrency is unsustainable by design,\u201d Nakachi believes there is a simple path for mining operations to develop both an economically and environmentally sustainable model:\u00a0<\/p>\n<blockquote><p>\u201cPrioritizing some form of clean energy to power the majority of operations is, in the long term, a sustainable model for successful mining operations.\u201d<\/p><\/blockquote>\n<p>As reported by Cointelegraph, another option being explored in Texas is the utilization of flexible data centers which can switch from the public grid to temporarily generating its own clean energy from dedicated energy generators to relieve stress on the grid during periods of high retail demand. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Marathon Digital moves Montana BTC mine to pursue carbon neutrality<\/em><\/strong><\/p>\n<p>Tech entrepreneur and self-proclaimed environmentalist Daniel Batten described a multi-pronged way in which the Bitcoin mining industry is creating positive change on the April 22 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ILwnyUilh6M\">podcast<\/a> from Brave New Coin. Batten argued that Bitcoin mining incentivizes building renewable energy plants and helps decarbonize power grids.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">0\/18<br \/>BREAKING: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> Mining can drive us to 70% renewables-based energy consumption by 2030. <\/p>\n<p>To say &#8220;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> mining is good for the environment&#8221; is like saying &#8220;the sun is warm&#8221;: a massive understatement. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTCmining?src=hash&amp;ref_src=twsrc%5Etfw\">#BTCmining<\/a> is our unexpected superhero. Here&#8217;s how.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Arl1zZXTY6\">https:\/\/t.co\/Arl1zZXTY6<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/AleegYAbwM\">pic.twitter.com\/AleegYAbwM<\/a><\/p>\n<p>\u2014 Daniel Batten (@DSBatten) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DSBatten\/status\/1514072998881665027?ref_src=twsrc%5Etfw\">April 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Batten believes Bitcoin mining drives increased demand for electricity and therefore investments in renewable energy plants. Mining is suited to intermittent power sources and it can be easily moved to far flung locales to take advantage of excess generation of renewable electricity.<\/p>\n<p>The only problem that Batten sees is that the industry may not be big enough to incentivize all the renewable energy required:<\/p>\n<blockquote><p>\u201cMy only real concern is \u2018Is Bitcoin mining requiring enough electricity to help us build up that grid to the extent we need to?\u2019\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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According to a January&#8230;<\/p>\n","protected":false},"author":1,"featured_media":435552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvNGQyZDVjOTYtNTFhYy00MTQzLWE4ZmEtNTI2ZjJlNTUxYThhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,10595],"class_list":["post-435551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-environment"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=435551"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/435551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/435552"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=435551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=435551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=435551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}