People who mined crypto money with coins such as Bitcoin started using renewable energy. According to the research conducted by Cambridge University, 76% of crypto money miners turn to renewable resources.
The increasing energy demand of mining cryptocurrencies such as Bitcoin is the subject of controversy. However, the 3rd Global Cryptoasset Comparison Study by Cambridge University showed that 76% of cryptocurrency miners also use renewable energy sources to meet their electricity needs.
In the study, it was found that more than 39% of the total energy consumed by Bitcoin, Ether (ETH), Bitcoin Cash (BCH) and other PoW cryptocurrencies was obtained from renewable energy sources.
In a similar study conducted by the university before, the rate of energy obtained from renewable sources was determined as 28%. However, in 2018, 60% of the miners used renewable energy sources as well as different sources.
Recent research has revealed that hydraulic energy is the most common energy source among miners. It is reported that about 62% of the miners use hydraulic energy sources. Coal and natural gas resources ranked second and third with 38% and 36%, respectively. Wind, oil and solar energy were also on the list as other sources that cryptocurrency miners refer to.
Coal is Still in Demand in the Asia-Pacific Region
The report states that with the energy consumption of cryptocurrency miners divided by regions, miners in Asia-Pacific, Europe, Latin America and North America benefit almost equally from hydraulic energy compared to electricity from energy sources such as coal, natural gas, wind and oil.
In the Asia-Pacific region, half of the electricity needs come from coal. On the other hand, in the Latin America region, no cryptocurrency miner uses coal for electrical energy.
Biggest Support to Bitcoin Hash Power from Asia-Pacific Region
The report also states that miners in the Asia-Pacific region contribute almost 77% of the Bitcoin hash power, but those who use the lowest amount of renewable energy resources are also those in this region.
While North America provides only 8% of its total hash power, 63% of the energy needs of mining in the region is provided by renewable resources. Approximately 30% of the energy used for crypto money mining in Europe is provided by renewable resources and the region ranks second in renewable resource use after North America with this rate. Also, Europe contributes about 10% of Bitcoin hashing power.