published by an investment and crypto currency research company, CoinShares, estimates that around 74.1% of Bitcoin (BTC) mining operations use renewable energy. The paper also shows that Bitcoin (BTC) mining operations are often concentrated in areas that have abundant renewable energy sources. Miners are actually encouraged to use renewable energy in many ways, because they are more profitable in the long run. However, it seems that the use of renewable energy in the crypto industry fell slightly from last year's around 77.8%.
If these numbers are correct, then the blockchain industry will be more driven by renewable energy than almost every other large scale industry in the world. In addition to these energy statistics, the report also shows that miners on average still make profits, even during a prolonged bear market. In addition, it is important to note, proponents of crypto currencies insist that technology for crypto currencies consumes far less energy than traditional banks and credit card companies. It has even been calculated that Bitcoin mining uses less electricity every year than seasonal Christmas lights.
Most large crypto mining operations make significant efforts to reduce their carbon footprint. Last year, Cryptosolartech, the largest Bitcoin miner in Spain, announced that it was building a 300 MW solar power plant to support its mining operations. In March this year, leading crypto mining startup Bitmain reportedly plans to set up 200,000 mining equipment units in the Chinese region that offer cheap hydroelectric power.