The way Bitcoin and the entire crypto industry affect the environment is dealt with on a daily basis and, as you know, it does not enjoy positive popularity, on the contrary, it is the target of great criticism, due to which the entire industry has gained a bad reputation. The reason is the huge amount of electricity consumed with high carbon content, while it is a public fact that Bitcoin transactions are constantly more expensive, which was confirmed by the Guardian itself in the same article from the beginning of this year, and this is also the reason why the statement that Bitcoin will be carbon neutral by 2024, unrealistic. The statement then read:
“According to Digiconomist, a single bitcoin transaction uses the same amount of power that the average American household consumes in a month — which equals roughly a million times more in carbon emissions than a single credit card transaction.”
As you can see above, a recent study by BatCoinz showed that by 2024, BTC mining should become 100% carbon neutral, using only renewable energy. The research is based on the latest data, which confirms that the cryptocurrency currently uses zero-emission energy for 62.4% of its mining operation. Estimates also further show that this number should reach around 72.7% by March of next year and we should see complete carbon neutrality by 2024. The rate of adoption of renewable solutions is growing at a crazy pace, but will we actually see such results? is questionable and we will have to wait for confirmation.
