Key notes
- Cambridge’s study shows that at least 50% of Bitcoin extraction is linked to sustainable sources.
- This change can convince companies like Tesla to accept the BTC as a payment form.
- The results can influence political decisions and Tesla’s position on BTC payments.
The University of Cambridge recently published a study revealing that at least half of Bitcoin exploitation is propelled by energy sources with low carbon or renewable content. Among the regions interviewed, North America ranks the highest to have the lowest carbon emissions associated with Bitcoin exploitation.
The study also noted continuous efforts to minimize the environmental impact of mining. However, it is not clear if this increased sustainability will modify public opinion or stimulate the global adoption of the BTC.
Bitcoin mining energy sources
Cambridge’s study examined the various energy sources and the carbon footprint linked to Bitcoin minors. Sustainable energy sources have become the main power supply, representing more than 52.4% of the total.
In terms of sustainable sources used by BTC extraction, hydroelectric energy represents 23.4% while wind, nuclear and solar represent 15.4%, 9.8% and 3.2%, respectively.
Fossil fuels represent 47.6% of the energy sources used in Bitcoin farm, 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 cryptographic space, and North America is responsible for at least 80% of all durable bitcoin extraction activities.
Global distribution of bitcoin extraction activity by country. Source: jbs.cam.ac.uk
Cambridge believes that the publication could serve as a precious resource for decision -makers, offering information on data on the evolving digital mining, including its technical complexities, market dynamics and its environmental impact.
Will Musk start to accept the BTC?
In 2021, Tesla announced that she would accept Bitcoin (BTC) as a form of payment, but this decision was then reversed. CEO Elon Musk has attributed the suspension to concerns about the environmental impact of Bitcoin exploitation.
Musk also said that Tesla could resume acceptance of the BTC as a method of payment in the future, provided that it can be shown that at least 50% of the extraction process uses renewable energies. The threshold has now been reached, but there was no additional update by Musk on the question of whether Tesla plans to reconsider BTC acceptance in the future.
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Rose is a writer of cryptographic content with solid experience in finance and technology. It simplifies complex blockchain and cryptocurrency subjects, offering insightful articles and market analysis to help readers sail in the evolving cryptography landscape.
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