Earth Day is April 22nd, and with environmental sustainability a hot topic in the global debate over Bitcoin mining, analysts say the industry is naturally gravitating towards cleaner and more sustainable energy sources. According to research released in January by the Bitcoin Mining Council, the worldwide Bitcoin mining industry will be powered by 58.5 percent renewable energy by Q4 2021.
Norway has access to hydropower and other renewables, bitcoin miners there are cleaner than virtually everywhere else on the planet. Renewable energy accounts for 100 percent of Norway's electrical generation. Hydroelectric power accounts for 88 percent of Norway's 157 terawatt-hours (TWh) of annual electricity generation, with wind and thermal energy accounting for the rest.
Furthermore, a mix of environmental consciousness, political pressures, and a focus on the bottom line have led to a preference for clean energy. It's causing a sea change that might have consequences far beyond Bitcoin (BTC) mining, such as on global power grid systems. Hydropower is one of the most stable renewable energy sources accessible, according to Mas Nakachi, Managing Director of the Miami-based XBTO Group.
Wind power is dependent on the weather, and solar power is dependent on daylight, but rivers may flow all day, every day, and water can be pumped uphill during off-peak periods in various locations to store excess energy that can be used to run generators when needed.
Furthermore, on the April 22 podcast from Brave New Coin, IT entrepreneur and self-proclaimed environmentalist Daniel Batten highlighted a multi-pronged approach in which the Bitcoin mining industry is creating a positive impact. Bitcoin mining, according to Batten, encourages the construction of renewable energy facilities and aids in the decarbonization of electricity systems.