According to Daniel Batten‘s most recent report, which he wrote as an investor and ESG expert, more than half of the energy used for Bitcoin mining comes from renewable sources. According to reports, more than 23% of the electricity used in mining comes from just hydropower. With a combined share of 26.9% from wind, nuclear, and solar electricity, along with 2.4% from other renewable energy sources, that is used.
According to Batten’s own writing, previous studies on the energy used for Bitcoin mining failed to take into account off-grid sources, which led him to believe that the claim that coal dominated the process was untrue. Actually, 22.92% of BTC mining is done with coal, and 21.14% of it is done with fuel as an extra source of fossil energy.
According to Batten’s analysis, if you compare mining with driving an electric car, you use the same amount of fuel for BTC mining but 38% less coal for electricity.
In addition, the analyst anticipates the share of fossil fuels in BTC mining to be negative over the longer period. According to Batten’s BEEST model, the proportion of sustainable resources in the Bitcoin community will increase by about 6.2% annually. He finds that increased water, solar, and wind consumption in mining will likely result in a corresponding decline in the share of coal, fuel, and other fossil fuels.