Bitcoin Mining reaches Elon Musk’s sustainability objective, according to Cambridge University

By Hannah Pérez

More than 50% of Bitcoin mining depends on sources of sustainable energy, according to an investigation by the University of Cambridge. Musk had said that once this requirement was met, he would resume payments in Bitcoin for Tesla.

***

• More than 50% of Bitcoin mining feeds on sustainable energy sources.
• Study of the University of Cambridge reveals changes to environmental sustainability.
• Sustainable sources went from representing 37.6% in 2022 to 52.4% in 2025.
• Musk said in 2021 that Tesla would resume payments in Bitcoin when this goal was met.

---

The mining of Bitcoin It has become more than 50% sustainable, reaching the objective required by Elon Musk to accept payments with cryptocurrencies in exchange for its cars Tesla.

A new study published by the University of Cambridge reveals that 52.4% of the energy sources used by miners from Bitcoin They are sustainablewhich represents an important change from the industry towards environmental sustainability.

The news agency The Block He first reported on the results of the ‘Cambridge report on the digital mining industry’, published on Monday, sharing that 9.8% of the use of sustainable energy used by cryptocurrency miners comes from nuclear energy and 42.6% of renewable energy such as wind and hydroelectric.

“As for sustainable energy sources, renewables represent 42.6%, with 23.4% hydroelectric energy, 15.4% wind energy, 3.2% solar energy and 0.5% of other renewable energies. In addition, nuclear energy constitutes 9.8%”details the report issued by the Cambridge center for alternative finances (CCAF).

The conclusions of the study, led by the team of Cambridge Judge Business Schooldiffer from those published in 2022 that estimated that only 37.6% of the energy that feeds mining operations Bitcoin It came from renewable sources.

More than 50% of the energy of Bitcoin miners comes from renewable sources

By detailing the use of fossil fuels by mining Bitcointhe report specifies that: natural gas dominates with 38.2%, which makes it the largest source of energy, followed by coal with 8.9%and oil with 0.5%.

As a result, The use of natural gas has increased to 38.2% from 25% in 2022, while coal has fallen to 8.9% from 36.6% during the same periodhow he noticed the publication.

The extensive research of the University of Cambridge is based on a survey conducted by the CCAF to 49 mining companies, including 41% that is quoted in the stock market, – including the American Bitfarms, Cleanspark, Hut 8, Iren, Mara and Riot– With operations in 23 countries. This covers about 48% of the global mining activity of Bitcoin By hashrate or hash rate.

Among the findings, the study estimates that the annual electricity consumption of the network is 138 TWH, or approximately 0.5% of the global use, and its emissions are 39.8 megatons of equivalent CO2.

The annual consumption figure would represent an increase with respect to the previous estimate of 125 TWH, equivalent to more of the electricity consumed by most countries of the world, including Norway, United Arab Emirates and Sweden in one year.

Among other recent findings, the study stressed the dominant role of North America in the mining of Bitcoinwith the United States representing 75.4% of the activity reported and Canada following 7.1%. Emerging activity was also found in South America and the Middle East, together with the ongoing operations in northern Europe.

The Musk requirement is met, will you resume payments with Bitcoin?

High energy consumption of the network Bitcoin And its environmental impact have been a topic of debate for years, with some investigations ensuring that the industry contributes significantly to the harmful pollution of air in countries like the United States, even damaging more than livestock; although these studies have been widely questioned.

Billionaire Elon Musk has been one of the critical voices in this debate. In May 2021, Musk announced that its electric car business Tesla would stop accepting payments in Bitcoin citing concerns about how mining contributes to climate change. This decision was reported just two months after the manufacturer embraced the cryptocurrency.

“We are concerned about the rapid increase in the use of fossil fuels for mining and Bitcoin transactions, especially coal, which has the worst emissions of any fuel“Musk said at that time.

“When there is a confirmation of reasonable use [de al menos 50%] Of clean energy by the miners with a positive future trend, Tesla will resume Bitcoin transactions“, He said after suspending the acceptance of cryptocurrency.

At the beginning of 2021, Tesla He starred in the headlines when he revealed a purchase worth USD $ 1.5 billion in Bitcoin as part of its treasury management policy. While the firm then sold almost all its stash, it still maintains Bitcoins worth around USD $ 1.1 billion, according to the latest quarterly report of the company.

Tesla He has not yet reported plans to resume payments with Bitcoin Despite reports on industry’s sustainability.

---

Hannah Estefanía Pérez / Diariobitcoin

Image of Unspash

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.