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Does Bitcoin Have an Energy Problem? 7 Source: CCAF, 3rd Global Crypto Asset Benchmarking Study While the trend is promising, there are a handful of factors that investors need to consider. The first is the type of renewable energy that is being used. Hydroelectricity is far and away the most common source of renewable energy for bitcoin miners. While hydroelectricity is a renewable energy source that does not pollute the water or air, it is sometimes characterized as a less desirable form of renewable energy given the damage to the local ecology mismanagement may cause and the potential emission of methane, a greenhouse gas stronger than carbon, from dammed reservoirs. It is important that a dependence on any renewable energy source does not become an overdependence. There is no perfect energy source. Wind energy is cost-effective, but has suffered from intermittency and wind turbines can damage local wildlife. Solar energy, while an immense source of potential energy, suffers from possible pollution from the photovoltaic cells that convert sunlight into electricity, intermittency, conversion inefficiency and current storage technology shortfalls. Source: CCAF The second factor to consider is geography. The CCAF estimates that 65% of hashrate is in China, whose energy generation mix has historically skewed heavily towards coal. To understand the potential implications of this going forward we should zoom in on the regional breakdown of Bitcoin miners in China (see page 9). 15% of mining occurs in Sichuan, Yunnan and Qinghai where the energy mix is mainly renewable (Sichuan, >85%; Yunnan, >90%; Qinghai, >80%).PDF Image | Does Bitcoin Have an Energy Problem
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