An investigation carried out by CoinShare Reasearch ensured that 70% of the electric power used for cryptocurrency mining is renewable.
The company studied the electrical resources necessary for the operation of mining hardware, taking into account aspects of geographical distribution, composition, efficiency, among other factors.
The person in charge of this project was Christopher Bendiksen, who is Head of Research at CoinShare Research and who also led a team that set as its main objectives the quantification of the energy used by the mining industry.
“We continue to argue that bitcoin mining could even be subsidizing the development of renewable energy generation, thanks to the ability of mining facilities to move their operations to wherever there is cheaper and probably underutilized electricity,” Bendiksen said.
The analysis started from the hypothesis that most of the mining activity is carried out in China. However it was determined that 60% of the production of cryptocurrencies is concentrated in the Asian region.
It was also confirmed that China uses mostly renewable energy for cryptocurrency mining, at least 43.2% compared to the rest of the world.
K. Tovar
Source: Crypto-Economy
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