Renewables energy is used by over 75% of crypto miners
The use of renewable energy for cryptocurrency mining has seen a smart growth, in step with a new report. The rising energy demand of proof-of-work cryptocurrencies like Bitcoin (BTC) has been a heatedly debated topic. However the third international Cryptoasset Benchmarking Study by the University of Cambridge shows that seventy six of cryptocurrency miners use electricity from renewable energy sources as a part of their power mix. The study found that over thirty ninth of the whole energy consumed by PoW cryptocurrencies together with Bitcoin, Ether (ETH), Bitcoin Cash (BCH) and some other coins as well comes from renewable energy sources. This is in distinction to a previous such study by the university, that found that solely twenty eighth of the whole energy consumed for cryptocurrency mining came from renewable resources. In 2018, around sixty percent of the miners used renewable energy sources as a part of their power mix.
According to the newest study, hydro-electricity power is the commonest supply of energy for miners. Approximately sixty two percent of miners are using hydroelectricity whereas coal takes second spot at thirty eight percent and fossil fuels sources takes thrid sopt at thirty six percent.
Some of the other common energy sources for cryptocurrency miners include wind, oil and solar energy.
The energy consumption is further divided by regions. According to reports, the miners from Asia-Pacific, Europe, Latin America and North America use an equal proportion of electricity power as compared to electricity from alternative sources like coal, fossil fuel, wind and oil.
Energy from coal is commonest within the APAC region, it is reported to be contributing an equal quantity of electricity to miners as electricity sources. Report also shows that no miners from Latin-America use coal-fired electricity for the mining of cryptos.
The report additionally notes that APAC miners contribute approximately seventy seven percent of the Bitcoin hash power however it uses very low amounts of renewable energy sources. And whereas North America adds solely eight percent of the whole hash power, sixty three percent of the energy consumed in mining Bitcoin came from renewable sources. Europe is merely second to North America with almost thirty percent of its cryptocurrency mining is powered by renewable energy. The region contributes nearly ten percent of the worldwide Bitcoin hash power. With approximately 76% miners using renewable energy sources to mine, this will surely help to keep the critics silent on Global Warming related to mining. As the crypto market has made its mark worldwide, Bitdenex provides an easy platform for customers to trade in crypto currencies. It offers you the opportunity to build your crypto currency portfolio at your own pace and without regular deposit obligations. Opening a Bitdenex account is also completely free.