According to a recent study by Bitcoin research firm Batcoinz, the Bitcoin network’s zero-emission impact has increased by 41% since last March and can now reach 62%, while the use of carbon-negative sources has a -4.2% impact on the Bitcoin network’s carbon emission.
The term carbon-positive refers to an energy source that emits carbon while producing power. Being carbon-neutral or carbon-free means that the energy is produced using methods that do not emit any carbon.
Carbon-negative energy sources, on the other hand, benefit overall carbon emissions because they remove carbon from the atmosphere while producing energy.
In March 2021, 59% of the global Bitcoin network was carbon-positive, with only 41% of the network being carbon-neutral. Since then, the figures have shifted dramatically.
Carbon production on the global Bitcoin network fell to 38% in June 2022, while carbon-free energy usage reached 58%.
Furthermore, 1.57% of the network began using carbon-negative sources, resulting in a negative 4.2% impact on the network’s carbon intensity.
Bitcoin Comparison
Several studies compared Bitcoin’s energy usage and carbon emission levels to those of other prominent industries, and was found to be significantly less harmful in all of them.
Gold
DePaul University in Chicago published a study that compared the gold industry and Bitcoin. According to the findings, the gold industry consumed approximately 265 Terawatt-hours (TW/h) per year and released 145 mt.
In comparison, Bitcoin used 113 TW/h of energy per year and released approximately 70 mt of carbon into the atmosphere.
Banking
The same study also included information from the banking industry. According to the data, the banking sector consumes approximately 700 TW/h of energy per year and emits a whopping 400 mt of carbon.
Cement
Arcane Research conducted another study that compared the energy consumption of Bitcoin mining to cement production.
According to the findings, the energy required to produce cement in 2022 was 894 TW/h, while mining consumed only 88 TW/h. In 2040, these figures are expected to rise to 6,053 TW/h for cement production and 4,238 TW/h for mining.
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