Bitcoin mining is making a transition to cleaner energy sources. Today, more than 50 percent of all operations run on renewable/low-carbon energy. This change is a huge step for the cryptocurrency on its path to a more eco-friendly future. Our allies North America is taking the lead, making up a majority of all sustainable Bitcoin mining activity.
Last quarter’s data show that Bitcoin mining is now powered by 52.4% sustainable energy sources. This total consists of 42.6% of renewable energy, including hydro and wind energy, and 9.8% nuclear energy production. That’s a significant jump from 2022, when sustainable sources only accounted for 37.6% of Bitcoin mining’s energy use.
North America will have to lead the world on this green transition. Their continent is now home to over 80% of the world’s sustainable Bitcoin mining. More optimistically, the U.S. is leading the way in the transition to a sustainable Bitcoin mining industry.
This push for sustainability may reset the clock on Tesla and Elon Musk’s promise from 2021 to restore Bitcoin payment functionality at Tesla. Musk had previously claimed that he would reverse his Bitcoin payment acceptance if mining was 50% or more renewable. Tesla’s short-lived foray into Bitcoin payments in 2021 was abandoned days later when the company decided this was hurting its environmental image.
According to the Bitcoin Mining Council between 56–60% of the energy Bitcoin mines with is renewable. The new data from Cambridge won’t do much to lower this number. Pro-Bitcoin rhetoric is ramping up in the U.S. Just take a glance toward our current President Donald Trump – who is suggesting the U.S. adopt a national Bitcoin reserve.
