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Environmental issues related to Bitcoin mining have always been the subject of controversy in the cryptocurrency space.
This year, the industry has experienced a massive downturn, affecting Bitcoin miners. At the same time, many cryptocurrency miners panicked and decided to sell their BTC assets.
However, it looks like the best days are coming with good news from crypto research and think tank Arcane Research. On September 2, Arcane published its report, which praises the energy efficiency of Bitcoin, which provides an opportunity to stimulate the energy industry.
Bitcoin Mining to Increase Energy Production
According to the report, Bitcoin mining could actually increase energy production rather than cause environmental destruction.
Apparently, the study refutes the widespread belief that mining the first cryptocurrency uses a huge amount of energy, and argues that Bitcoin mining has a positive impact on society, the environment and energy.
However, are these statements true?
Judging by the facts presented, BTC mining has indeed grown over previous years due to an increase in demand. However, the Bitcoin mining industry still makes up a small portion of the world’s total energy consumption, and many critics have missed one important detail.
Judging by the graph below, Bitcoin miners consume up to 100 TWh annually, which is more than 0.06% of energy needs worldwide.
Compared to other sources, the figures presented should be insignificant at the moment.
Bitcoin Mining Will Help Reduce CO2 Emissions
Compared to gold mining and the video game industry, mining the first cryptocurrency consumed about 105 TWh each year, which is very little compared to the aforementioned industries, in which 240 TWh were registered.
Btc mining is believed to significantly reduce carbon emissions. In addition to this, BTC mining systems themselves are reducing carbon emissions as many companies begin to switch to renewable energy sources rather than fossil fuels.
At the moment, for every $1,000 investment, Bitcoin mining can roughly reduce carbon emissions by 6.32 tons per year compared to the contribution of solar and wind energy by 0.98 tons and 1.3 tons, respectively.
In any case, despite the bearish movement of Bitcoin, miners are still firmly confident in the main cryptocurrency. However, problems with mining revenues continue to bother miners.
The total market capitalization of the cryptocurrency on the daily chart is $960 billion | Source: TradingView.com
Author: Anton Zaitsev, Analyst Freedman Club Crypto News
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