Bitcoin’s carbon footprint has long been at the center of debate. Many have used the Cambridge Bitcoin Electricity Consumption Index (CBECI) to question its eco-responsibility. But a recent Cambridge study has set the record straight.
Moderate energy consumption for Bitcoin mining!
The meteoric rise of Bitcoin mining has raised many questions about its energy-hungry nature and ecological footprint. Some have even pointed the finger at the queen of cryptos, arguing that she could be holding back ecological advances.
This August 31st, Cambridge University presented a new version of its index CBECI, aimed at providing a more accurate view of Bitcoin’s energy consumption and its impact on the environment; the old methodology having been called into question after the ban on mining in China in 2021.
The scientists revealed that the old barometer overestimated environmental impact and energy consumption of Bitcoin mining.
In their publication, “Bitcoin electricity consumption: an improved assessment ” The researchers describe the obstacles encountered in refining their method over three years of study.
Based on information from equipment manufacturers mining, and governments and other trusted entities, Cambridge has revised its figures.
The result? An almost 10% reduction in energy consumption forecast for Bitcoin in 2022. That year, Bitcoin’s energy consumption amounted to 95.5 TWh instead of the 105 TWh initially quoted.
For the year 2023, consumption is projected at 70.4 TWh, equivalent to the electricity used by all tumble dryers in the United States. This statistic reveals that Bitcoin’s energy consumption represents only 0.38% of global electricity consumption.
Bitcoin mining, no threat to the environment?
The conclusion of this study challenges the notion that Bitcoin mining is one of the main contributors to global warming. On the contrary, they suggest that with the increasing integration of renewable energy sources, Bitcoin could have less impact on the environment.
The debate over the relationship between Bitcoin and the environment is a topic that generates passionate discussions. We have already addressed this issue in one of our articles so don’t hesitate to share your opinions and questions with us!
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
