It certainly comes as no surprise to anyone that Bitcoin has acquired a bad reputation over the years, as the carbon-heavy asset consuming vast amounts of electricity. Therefore, you might find it unexpected for the cryptocurrency to become completely emission-less within the next two years.
A recent study by BatCoinz has shown that by 2024 mining Bitcoin should become 100% carbon neutral, using renewable energy only. The research relies on the most recent data, which confirm that the cryptocurrency now uses zero emissions energy for 62.4% of its mining operation.
Estimates show that this number should increase to 72.7% by March of next year, with the asset supposedly reaching full carbon neutrality by 2024.
The study concludes:
“We anticipate that Bitcoin mining using vented methane as power will initially grow at only 83% of the growth rate of flared gas mining (6.9 MW/month). Based on this more modest growth rate, we forecast that the Bitcoin network will become carbon neutral in Q4, 2024 fully.”
Moreover, the study accounts for the likely increase of the hash rate in the following months and years, as well as the rising energy consumption. However, the rate of adopting renewable solutions for Bitcoin mining seems to be growing at a faster pace.