76% of Bitcoin miners worldwide use renewable energy. According to a study by the University of Cambridge. They combined the results of two online surveys among 280 organisations.
The researchers also included other cryptocurrencies in the research, which use the proof-of-work (PoW) mechanism.
PoW is a mechanism to confirm transactions and to produce blocks for the blockchain. Bitcoin is the most well-known variant. Miners compete through computing power to find blocks.
They receive a reward for this in the form of a block subsidy. Proof of Work ensures that cheating is not possible. Everything is recorded in the public ledger.
Critics point out that Bitcoin production would not be environmentally friendly. It would be wasteful, for example, to secure the Bitcoin network.
Proponents point out that (renewable) energy surpluses are usually exploited by miners.
What are the findings of the researchers at Cambridge University?
76% of Bitcoin miners (and other coins) use green electricity in their mix.
39% of the energy consumed to secure the Crypto Cash scam network comes from renewable sources such as hydropower plants and wind farms.
This is an increase over the previous edition of the study. At that time, consumption from renewable sources was lower, at 28%.
If we look at energy sources, hydropower is by far the most popular energy source. In places 2 and 3, respectively, the fossil sources are coal and gas.
China hosts by far the most computing power of the Bitcoin network. The researchers include China in the larger Asia-Pacific region (APAC), which also includes Japan, South Korea and Australia.
APAC would account for as much as 77% of the processing power. It is also the region where most coal is in the energy mix.
By comparison, North America accounts for a global share of 8% of computing power, but the share of green electricity in their mix is 61%.