The growing energy demand for cryptocurrencies such as Bitcoin (BTC) to work has been a widely discussed topic. But the third global benchmark study of crypto origins from the University of Cambridge shows that 76% of cryptominers use electricity from renewables as part of the energy mix

The study found that more than 39% of the total energy consumption of PoW cryptocurrencies, including Bitcoin, Ether (ETH), Bitcoin Cash (BCH), among others, comes from renewable energy sources.

This contrasts with similar previous research conducted by the university, which showed that only 28% of the total energy used to mine cryptocurrencies was from renewable sources. In 2018, 60% of miners used renewables as part of the energy mix.

According to the latest research, hydroelectricity is the most popular source of energy for miners. It is reported that approximately 62% of miners use hydropower. The second and third places, respectively 38% and 36% – coal and natural gas sources.

Wind power, oil and solar energy are three other popular sources of energy for cryptocurrency miners.

The report also divides energy consumption for mines by region, noting that miners from Asia and the Pacific, Europe, Latin America and North America use roughly equal shares of hydropower compared to electricity from other sources such as coal, natural gas, wind energy and oil. … …

Coal-based energy is most prevalent in the Asia Pacific region and provides miners with almost as much electricity as water sources. There is no miner in Latin America that uses coal to mine cryptocurrencies.

The report also notes that miners in the Asia Pacific region contribute roughly 77% of Bitcoin’s hash power, but use the least amount of renewable energy. And while North America only adds 8% of the total retail power, 63% of the energy consumed when mining Bitcoin comes from renewable sources. Europe comes second after North America, with nearly 30% of cryptocurrencies extracted from renewable energy sources. This continent accounts for roughly 10% of the world’s Bitcoin hash power.

Source: CoinTelegraph

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