Bitcoin as a network continues to grow, and the numbers for it continue to explode. But this is not the case in relation to its environmental impact. The world’s first blockchain ecosystem is indeed becoming greener and greener. This situation is uncommon in most other industries, according to a Bloomberg expert. Let’s see how Bitcoin stands in relation to green energy.
Bitcoin achieves a “feat” in terms of energy
The Bitcoin network reduces its environmental impact while continuing to grow. Such a feat is uncommon in most other industries, according to a Bloomberg expert. Bitcoin is more than 50% powered by green energy, and this trend shows no signs of stopping.
On September 20, Jamie Coutts presented reassuring data regarding energy costs related to Bitcoin mining. According to this Bloomberg analyst, the rate of renewable energy used for Bitcoin mining has continued to increase since 2021. To be exact, this is currently starting to exceed 50%.
He said that relationship between the growth of the Bitcoin network and the reduction of the use of fossil fuels could attract more institutional investments.
In the graph below, we can actually see theincreasing network computing power (hashrate), while reducing industry emissions.
This is why miners are looking to switch to cheaper energy sources, which leads to an increase in hashrate. This is why miners are looking to switch to cheaper energy sources, which leads to an increase in hashrate.
In this regard, an increasingly green Bitcoin will first attract ESG investors like Daniel Batten, but also institutional investors who have shown growing interest in Bitcoin ETFs. »
The interest of ESG investors
It’s clear that the crypto industry’s largest blockchain’s transition to green energy is catching the eye of major ESG investors.
Daniel Batten, a climate technology investor and activist, notably defended the flagship crypto in a Tweet published on September 18. According to him, the data from Bloomberg Intelligence are more credible than those from the University of Cambridge concerning the energy consumption of Bitcoin.
In a former post onno industry has reduced its emissions intensity at the same rate as Bitcoin.
The icing on the cake, a recent article from Forbes Digital Assets even explained that by becoming more and more respectful of the environment, BTC attracts more institutional investments.
Meanwhile, Bitcoin price saw a slight decline, dropping below $26,800 at the time of writing.
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