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Cryptocurrency

22 Apr 2022

Earth Day: Analysts Say Bitcoin Mining on Track to Turning Green

Earth Day: Analysts Say Bitcoin Mining on Track to Turning Green

The Index Today

Bitcoin mining is reportedly adhering to principles of sustainability and is changing course to employ cleaner and cost-effective sources of energy to carry out its operations.

As per the Bitcoin Mining Council’s January report, the global Bitcoin mining sector had utilized 58.5% of renewable energy by the fourth quarter of 2021, reported Coin Telegraph.

This comes as Bitcoin, which uses 121.36 terawatt hours of energy every year according to data from the University of Cambridge, began switching to clean energy spurred by mounting pressures from environmental groups and politicians.

Norway’s Bitcoin miners are reportedly one of the cleanest in the world due to the country’s abundant access to hydropower and other renewable sources of energy. As per Coin Telegraph, Norway’s electricity is entirely derived through sustainable energy.