Whether you are for or against ESG investment, the fact is that it has seen tremendous growth and is on track to exceed $10.5 trillion in the U.S. In order for Bitcoin adoption to continue, this $10.5 trillion ESG fund must be confident that Bitcoin mining will have a positive effect on our environment and climate change initiatives.
More than the Half of Bitcoin Mining Is Made with Renewable Energy
Daniel Batten, the creator of the CBECI, claims that three exemptions listed on their online portal have downplayed Bitcoin’s environmental sustainability by 13.6%. According to Mr. Batten’s recent research findings, these figures make Bitcoin mining over 50% sustainable when all factors are considered, with an exact figure of 52.6%.
The CBECI’s research was conducted to evaluate Bitcoin’s energy consumption with data-driven analysis, yet it sparked widespread concern from the public. Specifically, the CCAF model neglected: Off-grid mining (impact of +10.8%), flare-gas mining (impact of +1.0%), and updated geographical hash rate due to Kazakhstan miner exodus (impact of +1.8%).
Once all exclusions are taken into account, the overall sustainable energy mix calculation comes to 52.6%. To give a comprehensive understanding of Bitcoin’s influence on our environment, since 2019, the CCAF has made it their mission to expand and enhance the Index.
This Study Could Remove One of the Biggest Barriers to Bitcoin Defenders
Bitcoin’s adoption among ESG investors can now be accelerated by a data-driven approach that addresses the apprehensions raised in the CCAF study. For years, Bitcoin supporters have been hindered by this roadblock – but not anymore! Utilizing a verifiable and reliable method, we are confident that all doubts concerning Bitcoin will dissipate at last.
The author postulates that this could have an effect on policymakers who review the report. He suggests two crucial queries for those favoring Bitcoin to ask: Does Bitcoin’s macro-trend indicate sustainable energy? Is it ultimately beneficial to both the environment and society?
The Cambridge report’s recent conclusions on the viability of Bitcoin mining offer a massive boost to those in favor of Bitcoin and ESG investors alike, indicating that original proof-of-work cryptocurrency could indeed be sustainable. This provides an opportunity for Bitcoin to become the leader among all industries in embracing energy sustainability.
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