Bitcoin may have completed its carbon peaking mission

Influenced by China’s sweeping shutdown of Bitcoin mining across the board, Bitcoin’s network-wide mining arithmetic dropped all the way to below 60EHash/s on June 28.

Bitcoin may have completed its carbon peaking mission

The impact of China’s sweeping shutdown of bitcoin mining has seen bitcoin’s network-wide mining math drop all the way to June 28th, falling below 60EHash/s, reaching a low point in nearly a year and a half, and then starting to gradually rebound in the days since, now recovering to around 100E. In the 6/3 article “A Study of Three Regulation Policies for Bitcoin Mining” [link] the results of a policy research study on carbon emission control in the bitcoin mining industry by the Chinese Academy of Sciences and others are presented, although it appears that the differential treatment approach in the paper was not taken when the actual policy was implemented and enforced, but rather a complete ban on the bitcoin mining industry within the country. This has led to the biggest “deleveraging” of bitcoin’s computing power ever, as miners who gathered in the southwest hydropower district this summer were unable to retreat and hold onto their illusions until the last minute when they were completely disillusioned and shut down, instead of being able to withdraw in an orderly manner ahead of time.

We don’t know if the governors “want to maintain the stability of the Bitcoin blockchain in an efficient way” as the paper states, or if they even considered whether the Bitcoin network could withstand the blow. However, the Bitcoin network has never been under any illusions, it stands on its own two feet and does not ask for anything. As it turns out, the Bitcoin network fearlessly took the moves, silently defused the force, and wordlessly withstood the severe test. With decisive abandonment and sacrifice, we have driven Bitcoin’s rapid arithmetic decentralization, energy sustainability, and carbon greening, contributing greatly to the long-term development of the Bitcoin network.

According to a report released by the Bitcoin Mining Council on 2021/7/1, 56% of the electricity used for bitcoin mining has been adopted as renewable energy in Q2 2021. This figure already exceeds the so-called “Musk threshold” of 50% sustainable energy adoption. Tesla CEO Musk had previously slammed bitcoin mining and suspended Tesla’s bitcoin payments, offering a condition that he would consider letting Tesla restart bitcoin payments if it ever exceeded 50% renewable energy adoption in bitcoin mining. So 50% renewable energy adoption became the so-called “Musk Threshold” (Elon Threshold).

The University of Cambridge Centre for Alternative Finance and the IEA’s International Energy Agency point out that Bitcoin may have completed its “carbon peak” mission months ago. The “carbon peak” mission. This means that 2020 will be the highest year for Bitcoin’s past and future carbon emissions. Thereafter, as the adoption of renewable energy in Bitcoin mining energy increases rapidly, Bitcoin’s carbon emissions will decrease rapidly, and is predicted to be “carbon neutral” by 2031, meaning that overall carbon emissions will be zero or even negative.

Bitcoin is already more carbon efficient than the grid, with carbon emissions per unit of energy density nearly 10% lower than the latter. Bitcoin is 418g CO2/kWh, while the global grid average is 463g CO2/kWh. by 2026, Bitcoin’s carbon emissions are predicted to fall to 200g CO2/kWh, while the global grid average falls to 321g CO2/kWh. by 2031, Bitcoin’s carbon emissions will fall to zero, achieving “carbon neutral”, while the global grid average drops to 220g CO2/kWh.

China’s carbon strategy roadmap is to achieve carbon peaking by 2030 and carbon neutrality by 2060. I just wonder, 10 years from now, will the Bitcoin mining industry, which has already achieved full carbon neutrality and zero emissions, be able to come back as a teenager?
The ten years of life and death are two different things, not thinking about it, but remembering it.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-may-have-completed-its-carbon-peaking-mission/
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