According to researchers, nuclear and gas energy share in the BTC mining industry has increased most rapidly.
The share of nuclear energy in Bitcoin’s electricity consumption has grown from 4% to 9% over the past two years. At the same time, gas energy sources have increased their share from 13% to 25%. Such data is contained in the updated Bitcoin Electricity Consumption Index (CBECI), which experts compile from the Cambridge Center for Alternative Finance (CCAF).
It should be noted that the growth of nuclear and gas energy sources occurred mostly due to hydropower, whose share decreased from 33.6% to 14.9%. Over the same period of time, coal power consumption fell by only 4%.
CCAF analysts emphasize that the structure of energy consumption varies greatly from region to region. For example, Kazakhstan, which accounts for 13.2% of the total volume of calculations, uses mostly fossil fuel energy. In contrast, in Sweden, the share of sustainable energy sources reaches 98%, but the country generates about 0.8% of the global Bitcoin network’s hash rate.
The current growth in the share of gas and nuclear power is also related to regional specifics. For instance, the U.S. share of Bitcoin’s total hash rate has risen to 37%, with natural gas and nuclear power plants generating a significant amount of the country’s electricity.
Overall, the current drop in electricity consumption to sustain the Bitcoin network is over 25% from its peak in early December 2021. Of this, sustainable energy sources account for only 38%. CBECI’s figures diverge significantly from those cited by Bitcoin Mining Council (BMC) analysts. According to their data, the percentage of renewable sources in the energy balance of BTC is almost 60%. The head of CBECI, Alexander Neumueller, attributes the discrepancy in the figures to the difference in research methodology.
CCAF researchers also concluded that Bitcoin generates about 0.1% of total greenhouse gas emissions. A study by Geneious, on the other hand, found that the first cryptocurrency has the potential to have zero emissions.
