Summary Using data from our BEEST model (Bitcoin Energy and Emissions Sustainability Tracker), and comparing to publicly available data of other industry sub-sectors, we charted sustainable energy mix over the last four years across a range of industries. Based on the data, Bitcoin mining is currently the highest user of sustainable energy (52.6%) across sub-sectors, …
Comparing Bitcoin Mining to other Industries’ energy mix Read More »
Executive Summary We find that the most oft-cited emissions calculation (CCAF’s estimated emissions) for the Bitcoin network overestimates true emissions by > 100%. The emissions numbers is skewed strongly to the upside because each of the factors that multiply together to produce this number are themselves overestimated Data as of 9 June 2023 CCAF calculation …
Accurately, dynamically calculating Bitcoin Network Emissions Read More »
Acknowledgements: Mason Jappa – Blockware, the team at Luxor and Fred Thiel – Marathon for making their data, models and methodologies available Executive Summary For several years the Cambridge Centre for Alternative Finance (CCAF) has been the most quoted source for Bitcoin energy and power consumption estimates. However, our analysis of CCAF’s Bitcoin power and …
Improving OUR ESTIMATE of Bitcoin ENERGY CONSUMPTION Read More »
Overview: From our research it would appear that whenever a disruptive technology come into being, it is attacked. Such was the case for the radio, the book, the bicycle and more recently the Internet. This attack often seems to stem from fear of the unknown (remember the fear that computers would “take all our jobs …
Positive Press ABOUT BITCOIN & ESG outnumbers negatives 4:1 so far in 2023 Read More »
Overview In previous literature, Cambridge Centre for Alternative Finance (CCAF) postulated that the major energy source used by the Bitcoin network was coal. In my Feb 2023 article in Bitcoin magazine, I suggested that this conclusion would need to be revisited as it was based on a dataset that did not include off-grid mining (as …
Now that we have a new model (BEEST), based on the CCAF model, with known exclusions added in, we can start asking this model some intriguing questions. Right now, a lot of people are asking me a lot of questions based on the model. So this article is a wandering path through a number of …
New Insights on Bitcoin Mining and Sustainability Read More »
The most familiar sound I have heard all morning is sirens and the sound of neighbours making makeshift repairs. This wasn’t supposed to happen. This was supposed to be our grandchildren’s issue not ours. This was supposed to be an issue that would hit the developing world, then Australia and Europe. But not us. Not now. …
Introduction We are at an inflection point in Bitcoin mining history. Policy decisions made now will have far-reaching consequences. So it is more important than ever that these decisions are based on robust, complete, and up-to-date data. The Bitcoin Mining Council (BMC) reports that the Bitcoin network uses 59.4% zero-emission* power sources. In contrast, the …
BEEST (Bitcoin Energy & Emissions Sustainability Tracker) Read More »
Setting the Scene You have probably heard about Bitcoin by now. Whether what you have heard makes sense, or is accurate is less certain. Whatever understanding you come with, I invite you to put that to one side so we can start at the bottom, to understand why Bitcoin was invented, what problem it solves …
Executive Summary: 291.9 MW of power from vented carbon negative sources such as landfill gas would make the entire Bitcoin network carbon neutral. To put in context how achievable this is: if Bitcoin mining companies focused on using previously vented sources of methane emissions (such as: vented landfill gas) it would take only 35 landfills …
35 Landfills Mining Bitcoin = A Net zero emission Bitcoin network Read More »