A recent study revealed that the carbon-neutral impact of the Bitcoin network increased by 41% since March 2021, and another 4.2% has a carbon-negative impact. Thus, 62% of the Bitcoin network is zero-emission.
A recent study from Bitcoin research company Batcoinz revealed that the Bitcoin network's zero-emission impact has increased by 41% since last March and reached up to 62%, while the usage of carbon-negative sources creates a -4.2% impact on the Bitcoin network's carbon emission, according to Cryptoslate.
Being carbon-neutral or carbon-free would mean that the energy is created via means that do not emit carbon at all. Whereas carbon negative energy sources actually benefit overall carbon emissions as they remove carbon from the atmosphere during energy production. The term, carbon-positive, indicates that an energy source releases carbon while providing power.
In March 2021, 59% of the global Bitcoin network was 59% carbon positive and only 41% carbon neutral, but the numbers have changed a lot since then. As of June 2022, carbon production in the global Bitcoin network has dropped to 38%, while carbon-free energy use has reached 58%. Moreover, 1.57% of the network began to use carbon negative sources, which created a negative 4.2% impact on the carbon intensity of the network.
Various studies have compared Bitcoin's energy consumption and carbon emission levels with other known sectors (gold, banking, cement), and in all of them, Bitcoin has been shown to be far less harmful.
The number of companies using carbon-neutral and carbon-negative energy sources for mining continues to increase. For example, Block, Blockstream, and Tesla teamed up to create a carbon-free mining farm in May 2022.
© 2022, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.