Bloomberg Analyst Reveals Unexpected Bitcoin Achievement

There is an unexpected Bitcoin achievement that has been just addressed. Check out the latest reports about the matter below.

According to Jamie Coutts, a crypto market analyst at Bloomberg Intelligence, Bitcoin (BTC) is achieving something significant that many are unaware of.

Coutts shared on social media platform X that as Bitcoin adoption increases, its network’s carbon emissions are actually decreasing, which is a rare occurrence.

This means that Bitcoin’s global monetary network is expanding while its environmental impact is decreasing, making it a remarkable achievement that few industries can claim. You can check the data table for more detailed information.

Coutts reports that Bitcoin miners are increasingly using renewable energy to reduce their costs and carbon footprint.

As energy makes up more than half of mining’s operating costs, seeking out the cheapest sources of energy is incentivizing the adoption of sustainable energy sources.

Currently, over 50% of total energy used for Bitcoin mining is sustainable, and this percentage continues to rise.

The banning of mining in China in May 2021, along with the crackdown in Kazakhstan, has accelerated this trend by eliminating several fossil fuel-powered operations.

According to Coutts, the rise in renewable energy has resulted in a decrease in Bitcoin’s carbon intensity.

This refers to the amount of carbon dioxide (CO2) emitted to generate one kilowatt hour (kWh) of electricity, which has dropped from 600 to 296.5 grams of CO2 per kWh.

This event has also played a critical role in decentralizing the mining industry. Additionally, Coutts has observed a relative decline in carbon emissions per dollar of market cap.

Says Coutts,

“As we know Bitcoin remains 60% below the 2021 all-time high, but since 2019, network value has increased 335%, outpacing every asset but more importantly, the monetary debasement…”

He continued and said this:

“Since 2019, emissions from Bitcoin mining are flat in absolute terms (up 6.1%), while in relative terms i.e. emissions per dollar of market cap, they have collapsed 75%.”