According to a study conducted by BatCoinz to assess the carbon footprint of the Bitcoin (BTC) blockchain, miners have begun to use renewable energy sources. In order to become a zero-emission monetary system, 187,1 MW of energy from negative carbon sources is required. In this way, by using methane gas from landfills, the Bitcoin network could become neutral.
BatCoinz’s study shows that “if BTC mining companies were to focus on using previously vented methane emission sources, only 124 1.5 MW modules would be needed to make the entire Bitcoin network carbon negative. These 124 modules are roughly equivalent to 50 medium-sized landfills in the US.”
This analysis reveals that the hash rate will increase with the energy consumption of the Bitcoin network, but this report also explains that the use of renewable energy and the efficiency of miners is currently increasing. The United Nations Environment Program focuses on reducing methane emissions as the main tool to stop climate change in the next 25 years.
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Currently, carbon negative mining on the Bitcoin network is 62,4 percent. By March 2023, the figure is expected to reach 72.7 percent, and the goal of making Bitcoin the first net-zero emissions monetary system is also expected to be achieved by the last quarter of 2024. With all this, Bitcoin could become the first cryptocurrency, and even the first monetary system, to achieve net-zero emissions without the need to buy offsets.
