Study: Over 74% of Bitcoin Mining Uses Renewable Energy

Cryptocurrency research firm CoinShares estimated in its biennial mining report published on June 5 that 74.1% of Bitcoin (BTC) mining is powered by renewable energy.

Cryptocurrency research firm CoinShares estimated in its biennial mining report published on June 5 that 74.1% of Bitcoin (BTC) mining is powered by renewable energy.
The report also claimed that “at current prices, average miner profits are high, and even older mining machines and high-cost producers are currently able to achieve a positive return on investment.” The paper also noted that Bitcoin mining operations are concentrated in places with ample renewable energy.

“The renewable energy estimate is lower than the 77.8% in our November 2018 report, reflecting movements within the industry.”

The correlation between Bitcoin mining and renewable energy reportedly makes Bitcoin mining “more renewable energy-based than almost every other large industry in the world.” Since November last year, the network’s total hashrate has reached 50 EH/s in more than 40 countries.
This means that the computing power used to maintain the network grew slower than its 10-year average during this period, but in line with its five-year average.
CoinShares believes that the recent increase in Bitcoin hashrate is due to the restart of old mining hardware after the Bitcoin price recovery made it profitable again, as well as the deployment of the next generation of more efficient application-specific integrated circuits (ASICs).
Additionally, Canadian Bitcoin mining company Hut 8 had revenue of nearly $50 million last year, but a total loss of nearly $140 million. The company’s COO Andrew Kiguel noted at the time that he believed profit margins would improve if the price of BTC continued to rise.
Also in March, cryptocurrency mining giant Bitmain announced plans to build 200,000 mining rigs in China to benefit from China’s low-cost hydroelectric power. ( Blockchain Pencil)