According to a study by the Bitcoin ESG Forecast, the use of sustainable energy in Bitcoin mining has reached a record level of 54.5%. This represents an increase of 3.6% throughout 2023.
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Bitcoin continues to be sustainable
Bitcoin mining is emerging as one of the world’s major industries powered primarily by sustainable energy. According to a study from Bitcoin ESG Forecast, in January 2024, 54.5% of the energy used in Bitcoin mining was sustainable. This is an increase of 3.6% on the sustainable energy rate in mining in 2023.
This progress in the use of sustainable energy is a consequence of the migration of Bitcoin mining activities. Indeed, after the banning of Bitcoin in China and problems in Kazakhstan, Bitcoin miners have turned to North America and Africa. In these two parts of the world, energy sources are predominantly green, compared to China and Kazakhstan.
Bitcoin’s false ecological trial
Bitcoin is often presented as a climate catastrophe by certain actors including GreenPeace. Because of the approval of Bitcoin ETFs this environmental organization has once again attacked the queen of cryptocurrencies for its ecological impact. However, the case against Bitcoin for its ecological impact is false and based on outdated evidence.
In fact, since the report from Cambridge University in September 2022, there is no other report accusing Bitcoin of using mostly fossil fuels. It is therefore astonishing that today, Bitcoin is being criticized for what it was 2 years ago. It should also be pointed out that Bitcoin finances green energy and the nature conservation in Africa.
While Bitcoin is mostly made from sustainable energy sources, Bitcoin’s environmental detractors are going to have to update their narrative. Bitcoin is green and will continue to be so. The same cannot be said for other industries.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
