The rising vitality demand of proof-of-work cryptocurrencies equivalent to Bitcoin (BTC) has been a hotly debated matter. However the third International Cryptoasset Benchmarking Research by the College of Cambridge exhibits that 76% of cryptocurrency miners use electrical energy from renewable vitality sources as a part of their vitality combine.
The study discovered that over 39% of the entire vitality consumed by PoW cryptocurrencies together with Bitcoin, Ether (ETH), Bitcoin Money (BCH) and others comes from renewable vitality sources.
That is in distinction to a earlier such study by the college, which discovered that solely 28% of the entire vitality consumed for cryptocurrency mining got here from renewable assets. In 2018, 60% of the miners used renewable vitality sources as a part of their vitality combine.
In accordance with the most recent research, hydroelectric energy is the most typical supply of vitality for miners. Virtually 62% of miners are reported to be utilizing hydroelectricity. Coal and pure gasoline sources take the second and third spots at 38% and 36%, respectively.
Wind, oil and photo voltaic vitality are the three different frequent vitality sources for cryptocurrency miners.
The report additional divides miner vitality consumption by area, noting that miners from Asia-Pacific, Europe, Latin America and North America use an virtually equal share of hydroelectric energy as in comparison with electrical energy from different sources equivalent to coal, pure gasoline, wind and oil.
Vitality from coal is commonest within the APAC area, contributing virtually an equal quantity of electrical energy to miners as hydroelectric sources. No miners from Latin America use coal-fired electrical energy to mine cryptos.
The report additionally notes that APAC miners contribute virtually 77% of the Bitcoin hash energy however use the bottom quantities of renewable vitality sources. And whereas North America provides solely 8percentof the entire hash energy, 63% of the vitality consumed in mining Bitcoin got here from renewable sources. Europe is simply second to North America with virtually 30% of its cryptocurrency mining powered utilizing renewable vitality. The continent contributes practically 10% of the worldwide Bitcoin hash energy.
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