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Does Bitcoin Have an Energy Problem? 10 North America too has historically depended on non-renewable energy sources, with 62% of energy generation coming from fossil fuels. To that end, North America has trended towards using more clean energy since 2010 and in 2016 the United States, Canada and Mexico announced the North American Climate, Clean Energy, and Environment Partnership Action Plan and committed to achieve 50% clean energy generation by 2025. In the United States, the election of Joe Biden as President shifted the nation’s climate target in alignment with President Obama’s goal to achieve net zero greenhouse gas emissions by 2050. Biden also brought the United States back into the Paris Agreement after President Trump quite unpopularly filed for withdrawal in 2019. The administration’s policy commitments are ambitious which bodes well for sustainability efforts around the world given the size of the United States, both from an economic and energy consumption standpoint. From a sustainability and environmental perspective, there is also commitment from industry participants to utilize clean energy for Bitcoin mining. Argo Blockchain and DMG Blockchain Solutions, for example, launched a mining pool exclusively powered by clean energy. Gryphon Digital Mining recently raised $14 million to establish renewable energy-driven Bitcoin mining operations in the United States. More broadly, the Crypto Climate Accord was launched by three non-profit organizations (Energy Web, Rocky Mountain Institute, Alliance for Innovative Regulation) in conjunction with 25+ corporate and NGO supporters, including some Bitcoin miners. The Crypto Climate Accord is a private sector-led initiative focused on decarbonizing the cryptocurrency industry. Its goal is to transition all mining to 100% renewables. The Accord is not itself law, but it plans to engage with key policymakers to encourage thePDF Image | Does Bitcoin Have an Energy Problem
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