Ignore the headlines. Bitcoin mining is already greener than you think
.ESG-led Bitcoin mining is not only possible, but it’s ultimately the most responsible and prosperous way to show leadership in this growing industry
?Is it possible to mine Bitcoin (BTC) using only 100% renewable energy sources and deliver the same economic returns as those using carbon-based sources .The answer is yes, according to Square’s recent analysis on the cost of renewables and their impact on Bitcoin mining
.This is one debate where both sides have a point. Critics are correct: Bitcoin mining does use a lot of electricity The Cambridge Center for Alternative Finance .estimates that the total electricity used worldwide by Bitcoin miners is an average of 113 terawatt-hours per year
.Let’s start with comparing Bitcoin mining to the electrical grid as a whole. Data from the U.S. Energy Information Administration shows that approximately 20% of U.S. electricity generation for 2020 was from renewable sources
The traditional banking system analysis looks at the energy consumption of the world’s top 100 global banks, breaking down their energy consumption across four primary categories: data centers, branches, ATMs and card network data centers. Using publicly available data from industry leaders, Galaxy estimates the .energy consumption to be around 260 KWh per year. This is more than double Bitcoin mining’s energy consumption
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