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Key Notes
- Cambridge study shows that at least 50% of Bitcoin mining is linked to sustainable sources.
- This change may convince companies like Tesla to accept BTC as a payment form.
- The findings may influence policy decisions and Tesla’s stance on BTC payments.
The University of Cambridge recently published a study revealing that at least half of Bitcoin mining is powered by low-carbon or renewable energy sources. Among the regions surveyed, North America ranks highest for having the lowest carbon emissions associated with Bitcoin mining.
The study also noted ongoing efforts to minimize the environmental impact of mining. However, it remains unclear whether this increased sustainability will shift public opinion or boost global adoption of BTC.
Bitcoin Mining’s Energy Sources
The Cambridge study looked at the different energy sources and carbon footprint linked to Bitcoin miners. Sustainable energy sources emerged as the primary electricity supply, making up more than 52.4% of the total.
In terms of sustainable sources used by BTC mining, hydropower energy accounts for 23.4% while wind, nuclear and solar represent 15.4%, 9.8% and 3.2%, respectively.
Fossil fuels account for 47.6% of the energy sources used in Bitcoin mining, with natural gas contributing 38.2%, coal 8.9%, and oil 0.5%.
Currently, the United States is at the forefront of the transition to more sustainable energy in the crypto space, and North America is responsible for at least 80% of all sustainable Bitcoin mining activity.
Global Bitcoin mining activity distribution by country. Source: jbs.cam.ac.uk
Cambridge believes the publication could serve as a valuable resource for policymakers, offering data-driven insights into the evolving digital mining industry, including its technical complexities, market dynamics, and environmental impact.
Will Musk Start Accepting BTC?
In 2021, Tesla announced that it would accept Bitcoin (BTC) as a form of payment, but this decision was later reversed. CEO Elon Musk attributed the suspension to concerns over the environmental impact of Bitcoin mining.
Musk further stated that Tesla might resume accepting BTC as a payment method in the future, provided it could be demonstrated that at least 50% of the mining process utilizes renewable energy. The threshold has now been met, but there has been no further update by Musk on whether Tesla plans to reconsider accepting BTC moving forward.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
