Buy Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH) – maybe not the last – to save the planet! What if, in the end, minors were greener than is often said in the media?
The greenback is not green unlike Bitcoin (BTC)
According to a study by Cambridge University – the Global Cryptoasset Benchmarking Study – the mining industry increasingly uses renewable energies.
The Proof-of-Work (PoW) has always been heavily criticized, accused of being energy intensive. The research report indicates that 39% of the total energy consumed by PoW protocols, including Bitcoin, Ethereum and Bitcoin Cash, comes from renewable sources.
76% of miners now use green electricity in their energy mix, up from 60% in 2018.
The previous study by the university indicated that only 28% of the energy used by the miners came from renewable sources.
Each his source, each his way
Thehydroelectric power is the most common source of energy used by 62% of miners.
The coal and natural gas are as follows, with 38% and 36% users respectively.
Thewind power, solar energy and petroleum are also frequently used sources of energy.
As for consumption by region, minors based in Asia, in Europe and in North America use an equal proportion of hydroelectric power and that from other sources.
In the region APAC (Asia Pacific), coal is the most common source of energy, while in Latin America, no miner uses this source of energy.
The miners of the region APAC contribute nearly 77% of the total hashrate; however, they use a lower proportion of renewable energy.
For’North America which contributes 8% of hashrate, 63% of the energy consumed comes from ecological sources.
TheEurope which provides 10% of the hash power, powers the mining industry with 30% renewable energy.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Can we do better in terms of green mining? Of course, yes, we could use zero fossil fuels, but there is still some way to go despite the current positive developments. Proof-of-Stake (PoS) is seen by some as the future of blockchain because it would consume less energy than PoW. The latter, however, offers more security than PoS. DeFi is in favor of a PoS whose passive income is a classic model existing even in traditional finance. But the original blockchain was created with PoW: it is certainly necessary to evolve but, do not certain evolutions risk distorting the initial philosophy?
Litecoin, welcome in the Silver Age