Sustainable mining of Bitcoin rises to 59.5%
Bitcoin escapes extreme fear on the index following a rise in sustainable mining
On July 19, the Crypto Fear and Greed Index dropped from "extreme fear" to "fearful," scoring 30 out of 100. It has since risen somewhat to an index score of 31. The indicator is primarily calculated using market volatility, volume and dominance, social media sentiment, surveys, and search trend data.
According to Santiment, BTC's average funding rate on exchanges has reached its highest levels in the last two months as the price of BTC rises above $23,600, with five Fintech professionals at Finder and 53 industry experts predicting that BTC will bottom out at $13,676 before rising to $100,000 by 2025 and $300,000 by 2030.
Sustainable mining bitcoin power hits 59.5%
According to reports, increased costs have driven increased sustainable mining, as indicated by a substantial rise in efficiency over the last eight years. As oil and gas energy prices increase and the cost of renewable technology decreases, it makes not only financial but environmental sense to engage in sustainable mining.
Mining equipment demand has risen as prices rise, driving device innovation for cheaper alternatives. Efficient devices are more cost-effective and lucrative, pushing less profitable alternatives out of the market.
As per the Bitcoin Mining Councils BMC's Q2 review of the Bitcoin network, issued on Tuesday, the global Bitcoin mining industry's usage of sustainable mining energy is up 6% from Q2 2021 and 2% from Q1 2022, reaching 59.5% in the latest quarter, making it one of the most sustainable sectors globally. The council saw a rise in miners' energy mix correlated with an efficiency improvement. It was also discovered that Bitcoin mining accounted for just 0.09 % of the projected 34.8 billion metric tonnes of carbon emissions produced globally and required only 0.15 % of the global energy supply.
United States legislators are particularly interested in the condition of the country's Bitcoin mining energy use after they issued a letter to the Environmental Protection Agency and the Energy Department, requesting that mining businesses report on their emissions and energy use.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.