According to research from the University of Cambridge, Bitcoin’s greenhouse gas emissions are expected to be 48.4 million tonnes of carbon dioxide equivalent this year, 14% less than the estimated emissions for 2021. However, Bitcoin is struggling to go green, with the cryptocurrency making only marginal gains this year in the use of sustainable energy.<\/p>\n
Despite efforts to shift bitcoin mining to cleaner energy sources, such as reusing by-products of oil extraction for crypto mining, fossil fuels still account for 62% of Bitcoin’s energy mix in January 2022, according to the latest data available, compared to 65% a year earlier.<\/p>\n
The report went on to say that since the level of coal dropped from 47% to 37%, Bitcoin is increasingly dependent on gas, which accounted for a quarter of its energy mix in January, compared to 16% a year earlier.<\/p>\n
However, the report’s findings differ significantly from those of the Bitcoin Mining Council, which in July put the share of renewable energy in bitcoin’s power mix at around 60%.<\/p>\n
Powerful computers connected to a global network compete to solve complex mathematical puzzles in order to process bitcoin transactions, and get new tokens, a process that consumes a lot of electricity owing to its reliance on polluting fossil fuels such as coal.<\/p>\n
CBECI CEO Alexander Neum\u00fcller explained that CBECI is trying to prove the footprint of Bitcoin through research and that the energy mix has a significant impact on greenhouse gas emissions.<\/p>\n