Bitcoin

Bitcoin Is Reportedly Set To Achieve A Net Zero Emission By 2024

Bitcoin (BTC) continues to face criticism for its carbon footprint as the asset gains popularity in various regions. However, the situation may be changing, especially as mining companies increasingly use renewable energy to cut carbon emissions.
Bitcoin Is Reportedly Set To Achieve A Net Zero Emission By 2024 4

According to new research by BatCoinz, Bitcoin is on track to achieve net zero emission by December 2024, making it the first monetary system to do so.

According to the study, the Bitcoin network presently has 62.4% zero emissions when carbon-negative mining is considered. Based on freshly announced carbon-negative initiatives, the activity is estimated to have 72.7% zero emissions by March 2023.

Source: Bat Coinz

The researchers used the methodology to calculate the amount of Bitcoin energy emitted by positive carbon sources and then computed the positive carbon quantity. Furthermore, the researchers reverse-engineered to determine how much methane would need to be removed from the air by combustion to offset the negative carbon quantity.

The study’s conclusion is based on the usage of flared gas to power BTC mining, which has increased by 8.3 MW per month since May 2021.

“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,” the study said. 

Bitcoin Is Reportedly Set To Achieve A Net Zero Emission By 2024 5

Furthermore, the report noted that as Bitcoin grows, the hash rate will increase along with energy usage. The report did note, however, that renewable network utilization and miner efficiency are both increasing and will provide a counter-balance to the hash rate.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

DOJ Investigates Polymarket for Alleged Illegal US User Bets

The US DOJ investigates Polymarket for Alleged Illegal US User Bets Polymarket, for allegedly permitting…

59 minutes ago

Get Ready for a New Level of Excitement If You Missed Ethereum ICO: Qubetics Could Redefine Success

Ethereum’s ICO was priced at around $0.30 per token, and today, it’s valued in the…

1 hour ago

A Missed Moment with Cardano? Here’s Why Qubetics at $0.0212 Could Be Your Perfect Timing – Explore the Best Crypto to Join Now

If you’ve been regretting missing out on Cardano, Qubetics ($TICS) might just be the ticket…

2 hours ago

Shiba Inu Price Clears Path To New ATH Of $2 As WallitIQ (WLTQ) Takes The Lead With A 23,000% Surge

The Shiba Inu price is on track to reach a new ATH of $2, while…

2 hours ago

Best Crypto Presales to Watch This November: Get in Early on These Potential Breakout Coins

So, you’re on the lookout for the next big thing in crypto? Aren’t we all?…

6 hours ago

This website uses cookies.