The use of renewable energy for cryptomore-mining has grown considerably, according to a new report.
The growing demand for energy from proof-of-work cryptomites such as Bitcoin (BTC) has been a hotly debated topic. But Cambridge University’s 3rd global comparative study of crypto assets shows that 76 percent of cryptomede miners use electricity from renewable energy sources as part of their energy matrix.
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The study found that over 39% of the total energy consumed by cryptomorphs, including Bitcoin, Ether (ETH), Bitcoin Cash (BCH) and others, comes from renewable energy sources.
This contrasts with a previous university study, which found that only 28% of the total energy consumed by cryptomorph mining came from renewable resources. In 2018, 60% of mining companies used renewable energy sources as part of their energy matrix.
According to the latest study, hydropower is the most common source of energy for miners. Almost 62% of the miners use hydroelectricity. Coal and natural gas sources are in second and third place with 38% and 36%, respectively.
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Wind, oil and solar power are the three other common sources of energy for cryptomore-based miners.
The report further divides mining energy consumption by region, noting that miners in Asia-Pacific, Europe, Latin America and North America use an almost equal percentage of hydropower compared to electricity from other sources, such as coal, natural gas, wind and oil.
Coal energy is more common in the APAC region, contributing almost the same amount of electricity to miners as hydroelectric sources. No mining company in Latin America uses coal-fired electricity to mine cryptomites.
The report also notes that APAC miners contribute almost 77% of Bitcoin’s hash energy, but use the smallest amounts of renewable energy sources. And while North America adds only 8% of total hash energy, 63% of its energy consumed in Bitcoin mining comes from renewable sources. Europe lags behind North America alone, with nearly 30% of its cryptomore-fueled mining of cryptomites powered by renewable energy. The continent contributes almost 10% of Bitcoin’s energy worldwide.