74% of Bitcoin mining is powered by renewable energy according to Coinshares research

posted over 2 years ago
In a highly detailed report, CoinShares research reveals that 74% of Bitcoin mining activity runs on renewable energy. “We show that Bitcoin mining is mainly located in global regions where there are ample supplies of renewable electricity available. And…we calculate a conservative estimate of the renewables penetration in the energy mix powering the Bitcoin mining network at 74.1%, making Bitcoin mining more renewables-driven than almost every other large-scale industry in the world.”

Digging deeper into the report, it says there is a clear trend among miners to opt for areas where hydroelectric power is abundant: “Bitcoin miners are fairly well distributed across the globe…Looking more closely at their distribution, it is clear that they are predominantly — by volume weight — confined to technologically advanced, relatively sparsely populated, hilly or mountainous regions traversed by powerful rivers... We currently estimate that 60% of global mining happens in China... and is a result of the ‘Fengshui’ rainy season in the hydro-heavy ‘Yunguichuan’…provinces of Southwestern China.”
Tags: blockchain, news, bitcoin