The industry experienced a massive decline this year, affecting bitcoin miners. With that said, many crypto miners have panicked and decided to sell their BTC holdings.
But, it seems better days are coming with this good news from crypto research and analytic group Arcane Research. On September 2, Arcane announced its report which lauds Bitcoin’s energy consumption to have the opportunity to boost the energy industry.
Apparently, the research negates the common notion that Bitcoin mining uses overwhelming amounts of energy and states as-a-matter-of-factly that BTC mining has a net-positive impact on society, the environment, and energy.
Bitcoin miners are uniquely flexible energy consumers that can help solve some of our biggest energy problems.
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Learn more in our new report: https://t.co/gGunLOUMYo pic.twitter.com/BKlQkrDI1J
— Arcane Research (@ArcaneResearch) September 1, 2022
So, are these claims true?
Judging by the facts presented, BTC mining has indeed grown over the years due to the increase in demand. However, the Bitcoin mining industry is still a small pie of the world’s total energy consumption, one significant detail that a lot of critics have skipped.
Based on the graph below, Bitcoin miners have consumed as much as 100 TWh annually or which accounts for over 0.06% of the energy demands worldwide.
Source: Arcane Research
In comparison to other source, the figures presented should rather be insignificant at this point.
When comparing to the gold mining and video gaming industries, Bitcoin mining consumed a little around 105 TWh every year which is very small compared to the above industries which registered at 240 TWh.
Paper production consumption comprise a bulk of energy use, to begin with.
More so, BTC mining is said to significantly decrease carbon emissions In addition to this, BTC mining systems reduce carbon emissions as many companies are starting to shift to renewable energy than fossil fuels.
So far, for every investment of $1,000, Bitcoin mining can roughly push down carbon emissions amounting to 6.32 tons annually, in comparison to what solar and wind energy can contribute, with 0.98 tons and 1.3 tons; respectively.
According to the report, BTC mining had registered a difficulty adjustment of 751,968 which is a 9.26% jump.
Crypto total market cap at $960 billion on the daily chart | Source: TradingView.com Featured image from Watcher Guru, chart from TradingView.com