UN Takes a Look at Bitcoin Pricing and Mining

In a recent report, the UN looks at the energy consumption of Bitcoin, highlighting a close link between the price of BTC and its energy consumption. But what is the reality?

Bitcoin’s energy consumption: a cause for concern

The UN report revealed that Bitcoin mining, despite its dematerialized nature, has a considerable carbon footprint.

Over the period 2020-2021, Bitcoin consumed 173.42 terawatt-hours of electricity. This makes it a major energy consumer.

But that’s not all: the meteoric rise in Bitcoin’s price in 2021 has led to a 140% increase in this consumption. An alarming situation, especially when you consider that 67% of this electricity comes from fossil fuels.

Fortunately, it’s not all doom and gloom, as Cointelegraph reports. While the UN report highlights current drifts, it also highlights the efforts made by the crypto community to turn to greener energy sources.

Hydroelectricity, nuclear, solar and wind power now account for a growing share of the energy consumed by Bitcoin mining.

Numerous initiatives are seeking to reduce Bitcoin’s carbon footprint. Among them, the opening of data centers powered by renewable energies is becoming increasingly common.

Equipment manufacturers, key players in the ecological transition

The Bitcoin mining industry is aware of current environmental issues and is working hard to offer more environmentally-friendly solutions.

Equipment manufacturers, in particular, are playing a key role in this transition. Companies like Bitmain are launching more energy-efficient models, and many industry players are mobilizing to locate their mining operations in regions benefiting from abundant renewable energy.

Bitcoin’s environmental impact is undeniable. However, in the face of today’s climate challenges, the crypto community is showing that it is ready to evolve and adapt.

While the road to 100% green crypto is still a long one, the first steps have already been taken. And who knows, maybe Bitcoin, once singled out for its energy consumption, will one day become a symbol of ecological transition. Elsewhere, find out how El Salvador is revolutionizing Mining with green energy.