Topic: New Data Reveals Bitcoin Mining is Now Friendlier to the Environment - page 2. (Read 227 times)

New data from the University of Cambridge shows that the geography of bitcoin mining has changed dramatically over the past six months following widespread repression in China.
CNBC gathered industry experts' opinions to understand their approach to large-scale mining migration and how it has changed the industry's environmental impact. They have reached the consensus that cryptocurrency mining is now more environmentally friendly than when China dominated global hash power.
The report notes that half of the world's bitcoin miners went down in a matter of days. This was confirmed by a 65% reduction in the hash rate between May 13 and June 28.

Greener Bitcoin Mining
Beijing's repressive approach has forced miners to relocate, and many have found more friendly jurisdictions, such as Texas, with lower-cost renewable energy sources.
Foundry Digital Currency CEO Mike Colyer acknowledged that this was a huge advantage for Bitcoin.
"Miners around the world are looking for stranded power that is renewable. That will always be your lowest cost. Net-net this will be a big win for bitcoin’s carbon footprint."
According to Cambridge data, approximately 17% of all bitcoin mining is currently done in North America, and at least 50% of it uses renewable energy. China, which previously accounted for more than 65 percent of the total hash, fell to 46 percent, according to data released in April, and has fallen much more since then.
Leaving China also affected much older, high-energy mining equipment that has now been permanently shut down. "A lot of high-end devices are likely to shut down forever," said Alex Brammer of Luxor Mining.
Renewable alternative energy sources such as hydropower, solar, wind, nuclear, and even gas-burning energy (excess gas burned during oil extraction) are now as desirable as burning fossil fuels.
In a related development, Verdi launched the first Green Mining Exchange (EFT) yesterday on the New York Stock Exchange. The purpose of this investment product is to attract public and institutional investors focusing on environmental, social, and governance (ESG) issues.

BTC Price Outlook
At the time of release, according to CoinGecko, Bitcoin had regained its psychological support at $ 30,000 and today trades at 3.2% at $ 30,700.
The world's leading cryptocurrency has fallen 10 percent over the past week and has now fallen 52% from its mid-April ceiling.


Source: https://cryptopotato.com/new-data-reveals-bitcoin-mining-is-friendlier-to-the-environment/