PRESS RELEASE. Vancouver, Canada — April 18th, 2024 – ceτi AI, a leader in decentralized artificial intelligence infrastructure, is pleased to announce its acquisition of Canadian company Big Energy Investments Inc., a firm specializing in strategic investment in high-performance computing infrastructure. This acquisition marks a significant first step in ceτi AI’s strategy to advance the […]
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Paraguayan Senate Supports Selling Power to Crypto Mining Companies, Criticizes Subpar Energy Agreements With Brazil
The Paraguayan Senate has approved a resolution supporting selling the country’s energy surplus to crypto mining companies, given the price and guarantees that these institutions offer. The declaration criticizes the subpar agreements that sell energy to Brazil for 25% of the fees collected for mining activities, calling to direct this energy to 20 new contracts […]
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Arkon Energy Strikes Deal With Bitmain for 27,700 Bitcoin Mining Rigs
On Tuesday, the Ohio-based bitcoin mining and colocation company Arkon Energy announced its procurement of 27,700 bitcoin mining rigs from Bitmain, equaling a hashpower of 6 exahash per second (EH/s). Ohio’s Arkon Expands Mining Fleet With 6 EH/S Boost From Bitmain Arkon Energy has revealed its acquisition of 27,700 bitcoin application-specific integrated circuit (ASIC) mining […]
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Legal Action Forces US Energy Department to Suspend Crypto Mining Investigation
Following legal action initiated by Riot Platforms and the Texas Blockchain Council against the U.S. Department of Energy (DOE), the department’s statistical branch, the Energy Information Administration (EIA), has put a temporary hold on its bitcoin mining survey and quarantined the data gathered to date. DOE Puts Bitcoin Mining Inquiry on Hold Amid Legal Challenges […]
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Green Bitcoin: Sustainable Energy Usage Surges To Record 55% High
Bitcoin, the enigmatic cryptocurrency known for its volatile price swings and digital gold status, is making a surprising play for a new title: sustainability champion.
A recent analysis by Bitcoin environmental impact expert Daniel Batten reveals a remarkable surge in renewable energy use for mining, reaching a staggering 55%. This marks a significant shift from just four years ago, when the figure languished below 40%, and paints a picture of an industry undergoing a green metamorphosis.
From Carbon Culprit To Clean Crusader?
Bitcoin’s mining process, essential for creating new coins, has historically been a lightning rod for environmental criticism. The sheer computing power required gulps up massive amounts of electricity, often sourced from fossil fuels. This led to accusations of Bitcoin being a climate villain, spewing greenhouse gases and contributing to global warming.
However, the narrative is evolving. Companies like Luxor Technology are harnessing Ethiopia’s hydroelectric bounty, while Argentina’s Unblock Global repurposes wasted natural gas from oil reserves.
Even domestic players like CleanSpark are upping their game with low-carbon solutions. These efforts, coupled with an overall decline in mining emissions intensity, suggest a genuine commitment to going green.
The Green Rush: Challenges And Cautions
Despite the positive strides, the sustainability of Bitcoin is far from over. The ever-growing network demands more energy, and ensuring enough renewable sources to keep pace is critical.
Furthermore, the environmental impact extends beyond energy consumption. The mountains of discarded mining hardware raise concerns about e-waste, another hurdle on the path to true sustainability.
The Future: Doubling Down On Green
The success of Bitcoin’s green gamble hinges on several factors. Continued investment in renewable energy infrastructure is paramount, and regulatory frameworks that incentivize sustainable practices could play a vital role.
Ultimately, the industry needs to demonstrate a long-term commitment to environmental responsibility, moving beyond individual success stories to ensure widespread adoption of green solutions.
While the jury is still out on whether Bitcoin can truly shed its carbon-intensive past, the recent surge in renewable energy use is a promising sign. This green gamble, if played with transparency, scalability, and a holistic approach to sustainability, could pave the way for a future where Bitcoin and the environment coexist in harmony.
The question remains: will Bitcoin’s green hand win the game, or will it fold under the weight of its own growth and environmental concerns? Only time, and the industry’s commitment, will tell.
Featured image from Karolina Grabowska/Pexels, chart from TradingView
US EIA Starts Requiring Energy Consumption Data From Cryptocurrency Miners
The U.S. Energy Information Administration (EIA), a statistics agency of the U.S. Energy Department, has sent letters to cryptocurrency miners requiring data related to energy consumption and configuration of their mining sites. According to one of the letters posted on social media, miners have until February 23 to report the info regarding the activities carried […]
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Bitcoin Miner Iris Energy Inks AI Cloud Services Deal With Poolside AI
The bitcoin mining corporation Iris Energy, listed on the Nasdaq, has declared its entry into a cloud services partnership with the artificial intelligence (AI) startup Poolside AI. The collaboration with Poolside comes after Iris acquired 248 Nvidia H100 graphics processing units (GPUs) for million in August 2023. Iris Energy Partners With Poolside AI On […]
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Beijing Targets Cryptocurrency Mining Operations in New Energy Conservation Plan
Beijing is prepared to apply a new policy to strengthen the actions to foster energy conservation in several aspects of the city’s operations, promoting carbon and pollution reduction. The plan proposes to increase the oversight level on Bitcoin mining activities, thwarting its remnants.
Beijing to Thwart Cryptocurrency Mining Activities in Energy Conservation Plan
The city of Beijing has revealed a new set of policies aimed at enhancing energy conservation, tackling several activities with measures focused on this end. The document states that the city considers energy conservation a “key area” to strengthen the conservation of energy resources and a requirement for building an ecological civilization.
Cryptocurrency mining is included among the activities that will be policed specifically to promote carbon reduction, pollution reduction, and the expansion of green energy alongside construction, transportation, industry, and information technology.
On the actions that will be taken regarding cryptocurrency mining activities, Beijing states that it will “continue to do a good job in rectifying virtual currency mining activities, strengthen the monitoring, analysis, and classified rectification of mining activities, and resolutely clean up the city’s virtual currency activities.”
These actions are supported by the national policy that imposed a blanket ban on cryptocurrency mining and trading in 2021 when the People’s Bank of China instructed all of China’s banks to forbid crypto-related activities immediately.
Nonetheless, even with this ban, recent reports have revealed that Bitcoin mining is still happening in China, with Chinese miners still providing 21% of the global network hashrate behind the U.S., which leads with 38%.
Beijing’s plan also contemplates inspections in energy-consuming units in the city to supervise the usage of phased-out equipment due to its energy requirements. These inspections could lead to punishment for the illegal use of energy, as the city’s government will take action to force industries and companies to rectify these issues.
What do you think about the new energy conservation plan issued by the city of Beijing? Tell us in the comments section below.
Crypto, AI and Data Centers Could Double Energy Consumption in 2026
The aggregated demand for energy from crypto, artificial intelligence (AI), and traditional data centers could double in 2026. According to a report by the International Energy Agency (IEA), the consumption growth might mean adding a country like Sweden (in the best case) or Germany (in the worst case) to the global energy demand.
Crypto, AI, and Traditional Data Centers to Add Significantly to 2026’s Global Energy Demand
According to a recent report by the International Energy Agency (IEA), an international organization created in 1974 to secure the energy reliance of its members, it is predicted that the energy consumption of traditional data centers, artificial intelligence (AI), and crypto might double by 2026.
The IEA stresses that data centers are a critical part of today’s digitalization, supporting all kinds of online operations, with 40% of the electricity demand of these centers coming from computing tasks and another 40% from cooling the devices where this computing takes place.
This industry’s demand for these computing tasks was 460 TWh in 2022, 2% of the global energy consumption. This is expected to increase to 620-1,050 TWh in 2026, signifying that it would add the demand of a country like Sweden, at the most conservative prediction, or one like Germany, at the worst estimation, to the global energy consumption.
Cryptocurrencies alone accounted for a demand of 110 TWh in 2022 and are expected to rise by more than 40% to 160 TWh by 2026. Nonetheless, the report recognizes that “uncertainties remain for the pace of acceleration in cryptocurrency adoption and technology efficiency improvements,” mentioning Ethereum’s consensus mechanism change from proof-of-work (POW) to proof-of-stake (POW), which made it reduce its energy footprint by 99%.
In contrast, Bitcoin energy consumption ranged at 120 TWh in 2023, more than 90% of the total 130 TWh estimated to be consumed by the whole crypto sector that year.
“Challenges in reducing electricity consumption remain, as energy savings can be offset by increases in other energy-consuming operations, such as other cryptocurrencies, even as some become more efficient,” the IEA concluded.
What do you think about the predicted energy consumption increase of crypto, AI, and data centers by 2026? Tell us in the comments section below.
Report: Bitcoin Mining Sustainable Energy Usage Reaches 54.5%
Daniel Batten, co-founder of CH4 Capital, reported that bitcoin mining has reached all-time high levels of sustainable energy usage and emissions mitigation. According to Batten, 54.5% of the energy used for this activity is sustainable, and the industry is mitigating 7.3% of all its emissions directly, which constitutes a new record for any industry without offsets.
CH4 Capital Co-Founder Daniel Batten: Bitcoin Mining Is Getting Greener
Bitcoin mining is getting greener, according to a recent article issued by Daniel Batten, co-founder of CH4 Capital, a methane mitigation solutions provider. He estimates that, according to his calculations, the Bitcoin mining grid is now using 54.5% sustainable energy, being the only global industry that is majorly powered by this kind of energy.
In his Bitcoin ESG Forecast #003, Batten disputes the idea that Bitcoin mining is a fossil fuel-powered industry. He acknowledges that until Q3 2022, it was. However, after the Chinese mining ban was enacted, miners moved their operations to greener on-grid sites or sustainable off-grid locations.
Criticizing Cambridge’s model on bitcoin emissions as outdated, Batten stated:
There are no longer any independent models or studies using contemporary data that support the thesis Bitcoin is mainly powered by fossil fuels.
In addition, Batten’s research revealed that more Bitcoin miners were using methane emissions than previously accounting for, with undisclosed companies using vented gas to power their mining operations. The process, that uses methane to provide electricity for these operations, still leaves a carbon dioxide byproduct; nonetheless, Batten explained that methane is 84x more warming than CO2 over 20 years, and using it is better than letting it vent straight into the atmosphere.
22 mining companies are mitigating methane emissions, providing a direct offset of 7.3% of network emissions without relying on carbon instruments. While Bitcoin still produces more emissions than what the network mitigates, Batten stressed that it “can become the fastest industry to go greenhouse negative without offsets.”
What do you think about Daniel Batten’s revelations about Bitcoin’s environmental impact? Tell us in the comments section below.