• Bitcoin’s net emissions have decreased for the third month in a row, according to new data.
• This drop can be attributed to Marathon Digital, one of the largest public Bitcoin mining companies that recently announced they will deploy 133,000 miners powered by renewable energy sources.
• Research from Daniel Batten of CH4Capital shows that U.S. Bitcoin mining net emissions dropped from 35.3 megatons of CO2 in December 2022 to 32.04 megatons of CO2 in February 2023.
Bitcoin Mining’s Environmental Impact
The environmental impact of Bitcoin mining has been a major concern lately, especially in the U.S., as a number of large mining operations were established due to low energy prices and loose regulations. Research from Daniel Batten of CH4Capital shows that U.S. Bitcoin mining net emissions dropped from 35.3 megatons of CO2 in December 2022 to 32.04 megatons of CO2 in February 2023.
Marathon Digital Reduces Output
A huge part of this decrease can be attributed to Marathon Digital, one of the largest public Bitcoin mining companies in the U.S.. In December, Marathon announced that around 100,000 newly acquired ASIC miners would be hosted on wind and solar farms with all miners deployed across the US being powered by renewable energy sources; totaling 133,000 miners all together being powered by clean energy sources instead traditional methods such as fossil fuels or coal-based power plants.
Cambridge Index Estimation
Research looked at Bitcoin’s electricity consumption as estimated by the Cambridge Bitcoin Electricity Consumption Index (CBECI) and adjusted it to account for various energy sources miners use; however it should be noted that these calculations rely on Cambridge’s data which tend to overestimate electrical consumption but still show a downward trend remaining in place over time nonetheless
Renewable Energy Push
The push towards renewable energy for US based miners is likely going cause other large scale miners consider using solar and wind power as an alternative method for powering their operations as opposed to traditional methods such as fossil fuels or coal-based power plants; making this an overall positive step forward for reducing carbon footprint associated with bitcoin production worldwide
Conclusion
Overall this research shows us how much progress has been made when it comes to reducing bitcoin’s environmental impact through more sustainable practices such as utilizing green energy sources instead traditional ones; and making sure we are taking steps towards preserving our planet while also advancing technologically at a rapid rate without sacrificing our environment for short term gains