The report accused the increase of Bitcoin’s carbon evidence on the China mining ban and asserted that Chinese miners were more renewable energy focused. Bitcoin network’s proof-of-work (POW) mining consensus has been a topic related to social, environmental, and governance discussions for a long period and recent research may just strengthen the thriving debate around Bitcoin’s carbon evidence. A report named Revisiting Bitcoin’s carbon footprint published has brought out that the Chinese crypto mining ban may not have provided to the deduction in the carbon evidence of the Bitcoin network as produced by many Bitcoiners whereas it has expanded by 17%.
China was the main hub for the Bitcoin miners before the mid of 2021 and was responsible for more than 60% of the entire Bitcoin system hash rate. Still, the total ban directed the migration of the mining farms out of China. China’s Bitcoin mining hash rate percentage dropped from above 60% in May to near zero in August. The miners moved to U.S., Kazakhstan, and Russia. Crypto analysts indicated that the migration of miners out of China would not only make BTC mining more decentralized and greener, but the new Joule report indicates differently. The recent report brought out that the percentage of renewable energy used to power Bitcoin mining has decreased from 42% to 25%. The Joule Journal study also pointed out that the bitcoin network utilizes up to 66% sustainable power. A study claimed that top crypto blockchain releases 65 megatons of carbons dioxide annually. The study also said that the miners in China were more renewable energy concentrated than the miners in other nations.
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