Bitcoin is anticipated to become the first financial system to achieve net zero emissions by 2024
Bitcoin (BTC) continues to be criticized for its carbon footprint, despite the asset’s widespread acceptance in several nations. In an effort to decrease carbon emissions, mining companies are increasingly turning to alternative energy sources.
Specifically, Bitcoin is expected to reach net zero emissions by December 2024, becoming the first currency to do so, according to recent BatCoinz research.
According to the report, the Bitcoin network has 62.4% zero emissions when carbon-negative mining is included. The activity is anticipated to have 72.7% zero emissions by March 2023, based on recently announced carbon-negative initiatives.
In accordance with the technique, the researchers determined the positive carbon quantity by calculating the Bitcoin energy originating from positive carbon sources. In addition, the researchers calculated how much methane would need to be removed from the atmosphere via burning in order to compensate for the negative carbon amount.
The result of the research is based on the use of flared gas to fuel Bitcoin mining, which has increased by 8.3 MW per month since May 2021.
In addition, the report noted that the hash rate and energy usage would certainly expand in tandem with Bitcoin’s development. The report noted, however, that renewable network use and miner efficiency are also increasing and will provide a counterbalance to the hash rate.
Different nations have scrutinized Bitcoin’s carbon footprint, and the subject has become a regulatory focal point. For instance, the White House commissioned research to evaluate the power usage of Bitcoin and cryptocurrencies in order to influence national regulatory policy.
Simultaneously, mining companies have increasingly resorted to renewable energy sources to reduce their carbon footprint.
