According to a recent report published by the Cambridge Centre for Alternative Finance (CCAF), bitcoin mining worldwide accounts for around 0.10% of global greenhouse gas (GHG) emissions or 48.35 million tons of carbon dioxide per annum. Moreover, CCAF’s report details that “Bitcoin’s environmental footprint is more nuanced and complex” and because of complexity issues it “underscores the need for independent data.”
On Tuesday, the Cambridge Centre for Alternative Finance (CCAF) published a new report called “A deep dive into Bitcoin’s environmental impact,” which was written by the CCAF project lead Alexander Neumueller. The report highlights how bitcoin’s increasing popularity has put a spotlight on “environmental issues associated with the production of Bitcoin.”
CCAF’s study claims that the Bitcoin network produces 48.35 million tons of carbon dioxide per annum. The metric equates to roughly 0.10% of global greenhouse gas emissions and Neumueller says it’s about “14.1% lower than the estimated GHG emissions in 2021.”
Neumueller’s research further details that 37.6% of the energy leveraged by bitcoin (BTC) miners derives from sustainable types of energy. CCAF’s “best-guess estimate” of 0.10% of global greenhouse gas emissions equates to the same amount of energy used by Nepal or the Central African Republic.
Bitcoin mining energy represents a touch less than half of the 100.4 million tons of carbon dioxide gold mining uses per year. Neumueller believes that the GHG emissions in 2022 were lower than in 2021 because of a “substantial decrease in mining profitability.”
CCAF notes that the decline may have been during a shift from less efficient mining rigs to more efficient next-generation machines. Neumueller says that CCAF’s assumption has been “confirmed by anecdotal evidence of Bitcoin miners.”
Miners face pressure from three angles: Falling BTC price, increasing hashrate & operating costs. Rev per hash is close to the '20 lows, and energy costs are rising, ASICs more efficient though. This year might separate the wheat from the chaff, consolidation ahead? pic.twitter.com/WRqbTD8raG
— Alexander Neumüller (@alexneumueller) June 16, 2022
In addition to changing out old hardware for newer and more efficient bitcoin miners, CCAF details that when China’s hashrate declined, the crypto asset’s “electricity mix became more diverse.” Neumueller and CCAF explain that data suggests the use of sustainable energy has declined in recent times.
Starting in 2021, data shows electricity mix fluctuations are now “visibly less” volatile. “Since it is not yet possible to comment on how the emission intensity changed from 2021 to 2022, as only January data is currently available, Bitcoin’s average emission intensity in 2020 (491.24 gCO2e/kWh) was compared to that of 2021 (531.81 gCO2e/kWh), suggesting that the sustainability of the electricity mix has deteriorated,” Neumueller notes.
The CCAF report surmises that the bitcoin mining industry is ever-changing and the CCAF research and tools continue to be adjusted. With real-world data available researchers are able to look at the situation with “greater granularity.”
The CCAF project lead ends the study by mentioning that “interesting concepts and developments are already emerging around bitcoin mining.” These include concepts like mitigating flare gas, waste heat recovery, and applied demand response applications.
“Time will tell if these are merely novel ideas that fail to deliver on their promise, or if they will become a more integral part of the Bitcoin mining industry in the future,” Neumueller’s report concludes.
What do you think about the latest bitcoin mining report published by the Cambridge Centre for Alternative Finance? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Cambridge Centre for Alternative Finance, Twitter,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
According to a recent report published by the Cambridge Centre for Alternative Finance (CCAF), bitcoin mining worldwide accounts for around 0.10% of global greenhouse gas (GHG) emissions or 48.35 million tons of carbon dioxide per annum. Moreover, CCAF’s report details that “Bitcoin’s environmental footprint is more nuanced and complex” and because of complexity issues it “underscores the need for independent data.”
On Tuesday, the Cambridge Centre for Alternative Finance (CCAF) published a new report called “A deep dive into Bitcoin’s environmental impact,” which was written by the CCAF project lead Alexander Neumueller. The report highlights how bitcoin’s increasing popularity has put a spotlight on “environmental issues associated with the production of Bitcoin.”
CCAF’s study claims that the Bitcoin network produces 48.35 million tons of carbon dioxide per annum. The metric equates to roughly 0.10% of global greenhouse gas emissions and Neumueller says it’s about “14.1% lower than the estimated GHG emissions in 2021.”
Neumueller’s research further details that 37.6% of the energy leveraged by bitcoin (BTC) miners derives from sustainable types of energy. CCAF’s “best-guess estimate” of 0.10% of global greenhouse gas emissions equates to the same amount of energy used by Nepal or the Central African Republic.
Bitcoin mining energy represents a touch less than half of the 100.4 million tons of carbon dioxide gold mining uses per year. Neumueller believes that the GHG emissions in 2022 were lower than in 2021 because of a “substantial decrease in mining profitability.”
CCAF notes that the decline may have been during a shift from less efficient mining rigs to more efficient next-generation machines. Neumueller says that CCAF’s assumption has been “confirmed by anecdotal evidence of Bitcoin miners.”
Miners face pressure from three angles: Falling BTC price, increasing hashrate & operating costs. Rev per hash is close to the '20 lows, and energy costs are rising, ASICs more efficient though. This year might separate the wheat from the chaff, consolidation ahead? pic.twitter.com/WRqbTD8raG
— Alexander Neumüller (@alexneumueller) June 16, 2022
In addition to changing out old hardware for newer and more efficient bitcoin miners, CCAF details that when China’s hashrate declined, the crypto asset’s “electricity mix became more diverse.” Neumueller and CCAF explain that data suggests the use of sustainable energy has declined in recent times.
Starting in 2021, data shows electricity mix fluctuations are now “visibly less” volatile. “Since it is not yet possible to comment on how the emission intensity changed from 2021 to 2022, as only January data is currently available, Bitcoin’s average emission intensity in 2020 (491.24 gCO2e/kWh) was compared to that of 2021 (531.81 gCO2e/kWh), suggesting that the sustainability of the electricity mix has deteriorated,” Neumueller notes.
The CCAF report surmises that the bitcoin mining industry is ever-changing and the CCAF research and tools continue to be adjusted. With real-world data available researchers are able to look at the situation with “greater granularity.”
The CCAF project lead ends the study by mentioning that “interesting concepts and developments are already emerging around bitcoin mining.” These include concepts like mitigating flare gas, waste heat recovery, and applied demand response applications.
“Time will tell if these are merely novel ideas that fail to deliver on their promise, or if they will become a more integral part of the Bitcoin mining industry in the future,” Neumueller’s report concludes.
What do you think about the latest bitcoin mining report published by the Cambridge Centre for Alternative Finance? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Cambridge Centre for Alternative Finance, Twitter,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Chainlink hit a six-week high during Tuesday’s session, as the token rose for a sixth consecutive session. The move saw the token rally past a key resistance level in the process. Uniswap was also in the green, with prices climbing by as much as 16% earlier in the day.
Chainlink (LINK) rose for a sixth straight day on Tuesday, which took the token to its strongest point since mid-August.
After trading at a floor of $6.55 last Wednesday, LINK/USD has rallied in back-to-back sessions, with today seeing prices hit a high of $8.36.
Tuesday’s top is the highest mark that chainlink has hit since August 17, days after a failed breakout from the $9.50 level.
Looking at the chart, today’s price surge came after a successful move beyond a ceiling of $8.05.
In addition to this, there was another breakout, with the 14-day relative strength index (RSI) marginally climbing past a resistance of its own.
As of writing, the index is now tracking at 61.03, which is its highest point since August 14.
Another notable gainer on Tuesday was uniswap, which rose by as much as 16% during today’s session.
UNI/USD surged to a high of $6.68 on Tuesday, which saw prices climb to their highest point since September 13.
As a result of today’s move, uniswap is now trading near a ceiling of $6.70, which has historically been a point of contention.
Earlier gains have somewhat eased as the day has progressed, and as of writing the token is trading at $6.61.
This is a result of the RSI also nearing a hurdle of 58.00, which has resulted in some traders liquidating earlier positions.
In order for UNI to move above $7.00 in the coming days, the RSI will likely need to move past the 58.00 mark.
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Do you expect UNI to climb above $7.00 in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons, sdx15 / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
Source From : News