According to Cointelegraph, the Bitcoin network's carbon footprint has not seen a significant increase despite its continued expansion, a feat that Bloomberg analyst Jamie Coutts claims few industries can achieve. Coutts cited data showing that the sustainable energy mix for Bitcoin has risen since 2021 and is now over 50%, leading to a slowdown in emissions growth relative to the network's expansion. He believes the evolving relationship between Bitcoin network growth and the global push to transition from fossil fuels could catalyze a wave of institutional and even sovereign investment capital.
Coutts added that as energy constitutes well over 50% of mining's operational costs, the incentive to acquire the cheapest energy sources is contributing to the network's rising hash rate while simultaneously reducing the industry's emissions or carbon intensity. However, the percentage of sustainable energy used in Bitcoin mining has been a point of debate. Cambridge University's model, which hasn't been updated since January 2022, stated that mining from sustainable energy sources is just 37.6%. Climate technology venture investor and activist Daniel Batten argues that this is actually above 50%, as off-grid mining and methane mitigation are not included in Cambridge's calculations. Batten also predicted that the Bitcoin network will become carbon neutral by December 2024 and claimed that by 2030, the Bitcoin network is projected to mitigate 10x more emissions from the atmosphere than it produces.
