Bitcoin mining is becoming more and more efficient and better for the environment as the industry evolves. According to recent reports, the emissions intensity of BTC mining has decreased to its lowest-ever level. Woo Charts further reported that Bitcoin is now producing fewer emissions in comparison to its energy consumption. This sharp decline primarily comes two factors; the majority of miners now using renewable energy sources, and the improved hardware efficiency. Daniel Batten, an investor and climate technology venture activist, also confirmed that Bitcoin is continuing to halve its emissions per KWh within the next 3.5 years.

The chart by Batten further shows Bitcoin mining sustainability is near its peak of 54%, as new hash rate entering the network is mostly powered by clean energy. Total emissions of Bitcoin, however, have still increased in the past two weeks due to rising hash rate without a significant boost in mining activities from vented or flared methane. Further research from Cambridge University indicates that the network currently consumes around 140 TWh of energy per year, which is lesser than the 206 TWh of energy lost in the US due to transmission and distribution.

The average hash rate of BTC currently stands at 349 exahashes per second. Moreover, mining difficulty, the marker which tracks competition between miners, is at an all-time high of 46.8 T. In addition to that, mining profitability is also low at $0.078 per day for each TH/s hash rate. Surprisingly, this still hasn't stopped US legislators from cracking down on the industry. One such example is Texas, which is a mining hotspot, yet faces backlash now despite the bill which recognizes the right to conduct Bitcoin mining.

Bitcoin mining is becoming increasingly efficient as well as environmentally friendly, and the data confirms this. The industry is making contributions to cut emissions and promote renewable energy. This should also encourage regulators to look more closely into the industry, and not restrict it blindly. As things stand, only time will tell whether regulators will eventually let Bitcoin prosper to its full potential.



Other News from Today