- Visual Capitalist report identifies the top Bitcoin mining countries shifting towards greener energy.
- The U.S., China, and Kazakhstan reported renewable energy shares of 22.5%, 30.2%, and 11.3%, respectively.
- Iceland, Paraguay, and Norway lead the way in renewable energy, though they host over one percent of the global Bitcoin mining network.
Recently, X user known as Seth, a pro-Bitcoin portfolio manager, called attention to the growing eco-friendly mining landscape of Bitcoin, with more miners shifting towards renewable energy sources for Bitcoin.
Seth cited a report by Visual Capitalist that studies the countries with the most environmentally sustainable ecosystems for Bitcoin mining, including China and the United States.
Visual Capitalist noted that Bitcoin miners’ decisions on where to establish their presence are influenced by factors such as the regulatory environment, electricity costs, and the average outdoor temperature.
In the context of mean annual temperature, the top 10 Bitcoin mining countries include the U.S., China, Kazakhstan, Canada, Russia, Germany, Malaysia, Ireland, Singapore, and Thailand.
Furthermore, the report highlighted that these top 10 countries in Bitcoin mining collectively contribute to 93.8% of the entire network’s hash rate. The U.S., China, and Kazakhstan have the most significant mining shares.
According to the report, Bitcoin miners consume around 348 terawatt-hours of electricity annually. Notably, the U.S., China, and Kazakhstan reported renewable energy shares of 22.5%, 30.2%, and 11.3%, respectively. Kazakhstan’s relatively low renewable share was attributed to its heavy reliance on coal, which accounts for 60% of its energy mix.
In contrast, China also relies on coal for a substantial portion of its electricity. Still, its overall renewable share is higher due to its rapid wind and solar power expansion.
Meanwhile, the report indicated that countries like Iceland, Paraguay, and Norway lead the way in renewable energy. However, collectively, they hosted just over one percent of the global Bitcoin mining network.
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