A crypto mining report found that Bitcoin is not the environmental disaster it is usually described in the media. It revealed that clean, renewable energy mostly powers the revolutionary computer units securing the network.
The findings come at the same time when the Bitcoin hash rate nears its record high. Therefore, the network itself is also close to being more secure than ever.
According to CoinShares researchers, the network is operating on approximately 75% renewable energy. The research firm has recently released its Bitcoin Mining Report’s third installment.
The study concentrates on Bitcoin mining profitability. It notes that Bitcoin can presently be mined at roughly $3,300 each. The report discovered that “the network is growing in line with its 5-year trends.” It also revealed that miners prefer locations with abundant hydroelectric power such as Southwestern China, Eastern Canada, the Pacific North West, Scandinavia, and the Caucasus.
Environmentalists often criticize Bitcoin as being wasteful, claiming that the fact that the network uses as much electricity as some countries is unacceptable. The argument is highly reductionist, however, since it does not consider the energy’s source.
The latest statistics from CoinShares dismiss the claim that the cryptocurrency is a disaster waiting to happen.
Moreover, Bitcoin is close to its record high regarding hash rate. Hash rate refers to the number of times a computer system could guess a string of letters (hash) which enables it to add a transaction block to the Bitcoin blockchain. All Bitcoin mining units have their hash rate. The network’s high hashing power has led to it being close to the most secure it has ever been.
CasaHODL CTO Jameson Lopp elaborated:
The amount of time it would take for an attacker with 100% of the Bitcoin network hashrate to rewrite the entire blockchain has reached an all-time high of over 400 days. pic.twitter.com/kCk8ZKlIqH
— Jameson Lopp (@lopp) June 7, 2019