A Different Look at Bitcoin: ESG Analyst Daniel Batten’s Revealing Charts
It’s no mystery that Bitcoin is often criticized for its high energy usage, but recent charts released by ESG analyst Daniel Batten turn that assumption on its head. Batten’s dynamic visualization of Bitcoin’s energy usage story shows that 52.6% of Bitcoin is powered by renewable energy sources.
What’s Behind the Numbers?
Batten has created a data-visualisation dashboard which is built on a model that displays both the energy type, source and the geography of each bitcoin miner. It allows the analysts to see how the energy network is changing in real-time, something that traditional energy models fail to do.
- Energy sources: Unsurprisingly, Batten’s chart indicates that hydroelectric power and other renewable sources account for the majority of Bitcoin’s energy use (38.5%), but it also shows that wasting renewable energy is far from the truth – only 14.1% of the total consumption is from coal (which is much lower than the world average of 40%). The surprising topper? China is responsible for 86% of Bitcoin’s total energy consumption.
- Geographic data: According to the chart, the region with the highest concentration of Bitcoin miners is Northern Europe. This is largely due to the high number of hydroelectric power sources found in the region.
So the next time someone tells you Bitcoin is all bad, or accuses it of wasting energy, feel free to point them towards this dynamic chart, which proves that sustainably-sourced energy is the backbone of Bitcoin energy consumption. And it appears that 54.6% is all for the better. Talk about a sustainable twist on an old story – who knew?
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