• Fossil fuels and coal account for more than 62% of Bitcoin mining
• Mining companies are searching for eco-friendly energy sources
• El Salvador draws energy from volcanoes for cleaner energy
• Gas and nuclear are currently the fastest growing energy sources
Fossil fuels made up 62% of bitcoin’s energy mix in January, it's no wonder bitcoin mining is going green. Environmentalists and policymakers are worried over the impact of fossil fuels on global warming, thus the need to shift to cleaner energy has been in the works. Mining companies are on the search for cleaner energy sources, to build a healthier crypto environment. A great example of this is El Salvador's recent shift to draw power from volcanoes to mine for Bitcoin. Through this, the country's rich resources, is fully accessed to mine for Bitcoin in an affordable way - minus the emissions!
Nuclear and gas are quickly becoming energy sources for Bitcoin Mining
The Cambridge Centre for Alternative Finance (CCAF) announced this week that coal and natural gas make up almost two-thirds of Bitcoin’s total electricity mix - since January 2022. A new study unveiled that almost 37% of Bitcoin's total electricity consumption went to coal alone, at the beginning of 2022. Over the span of two years, nuclear energy and natural gas has been increasing. Nuclear gas is known to have the smallest carbon footprint and is also cost-effective and incredibly reliable. Another dimension of nuclear energy is that it isn't affected by climatic conditions and temperature differences. Despite the growing concerns of Bitcoin's contribution to global warming, mining companies are searching for cleaner ways to mine for Bitcoin, and are eager to make a greener transition.
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