Cambridge University Research: Bitcoin mining is becoming more energy efficient

Cambridge University Research: Bitcoin mining is becoming more energy efficient

2021/8/2

According to a new study by the University of Cambridge, Bitcoin's carbon footprint may be improving because the geographic environment where Bitcoin is mined has changed in the past six months. Looking at the electricity statistics from Cambridge Research, the total electricity produced per year is 26,730 TWh, of which 22,315 TWh is consumed. Bitcoin's share of total electricity consumption is 0.32% or 71.86 TWh. Gold uses 131 TWh per year. From another perspective, Bitcoin uses roughly the same amount of electricity each year as in countries such as Colombia or Bangladesh. Mike Coyler, CEO of the digital currency company Foundry, explained that the current Bitcoin network gets twice the computing power from new mining machines, and the network uses the same energy as before, which will continue to significantly improve the security and Energy ratio of the Bitcoin network.  Miners all over the world are looking for renewable-stranded electricity, which will be a big victory for Bitcoin's carbon footprint. With the increasing promotion of renewable energy, especially in North America, the carbon footprint of the Bitcoin network will only shrink. Whit Gibbs, CEO and founder of Bitcoin mining service provider Compass believes that more than half of Bitcoin mining in the United States comes from renewable energy sources.


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