- Bloomberg crypto market analyst Jamie Coutts mentioned that despite Bitcoin’s increased energy usage, carbon emissions have decreased.
- When emissions reached their peak, the carbon dioxide equivalent was 60.9 megatons. However, there was a dramatic 37.5% decrease in carbon emissions after China’s Bitcoin mining ban in 2021.
- This data analysis is leading to a reevaluation of the environmental impact traditionally associated with Bitcoin mining.
Bloomberg crypto market analyst Jamie Coutts shared critical information about Bitcoin’s energy usage and emphasized the use of clean energy for BTC!
Bitcoin’s Clean Energy Usage Surpasses 50%!
Bloomberg crypto market analyst Jamie Coutts mentioned that despite Bitcoin’s increased energy usage, carbon emissions have decreased.
In the last few years, the Bitcoin hash rate – the computational power devoted to Bitcoin mining – has increased fourfold. Surprisingly, this significant increase only resulted in a slight 6.9% increase in carbon emissions.
Coutts argues that Bitcoin miners are not emission sources but electricity consumers. This is supported by data showing a decrease in emissions since 2021. When emissions reached their peak, the carbon dioxide equivalent was 60.9 megatons. However, there was a dramatic 37.5% decrease in carbon emissions after China’s Bitcoin mining ban in 2021.
This data analysis is encouraging a reevaluation of the environmental effects typically associated with Bitcoin mining and promoting a more nuanced understanding of the infrastructure behind the rising crypto market.
In addition to these significant developments, Bitcoin’s use of renewable energy, i.e., clean energy, has surpassed the 50% mark. Coutts drew attention to this detail in his analysis by sharing a chart about Bitcoin’s clean energy usage.
Will Tesla Keep Its Promise for Bitcoin Payments?
In 2021, Elon Musk stated in a tweet that Tesla had sold 10% of its Bitcoin holdings and added, “Tesla will continue to allow Bitcoin transactions when there’s confirmation of reasonable (~50%) clean energy usage by miners.”
With Bitcoin’s clean energy usage surpassing 50%, there is now curiosity about whether Elon Musk will keep his word. Additionally, with Elon Musk’s acquisition of Twitter and the transition of the platform to X, the enabling of Dogecoin and Bitcoin payments on X is also anticipated, although this has not been confirmed yet.
