Latest data from Cambridge University suggests that the environmental impact of Bitcoin and crypto mining has drastically improved over the past six months.
According to data compiled by CNBC from industry experts, the consensus is that crypto mining is now more environmentally friendly than it was when China dominated the mining market.
As reported by BTC PEERS, China’s latest clampdown on crypto mining and trading has forced several miners out of the region, with many migrating to areas such as Texas that utilize lower-cost renewable energy sources. As the clampdown on Bitcoin miners intensified, as much as half of the world’s crypto rigs went offline in a matter of days. And between May 13 and June 28, Bitcoin’s hash rate plummeted by over 60 percent.
The Cambridge data further revealed that almost 17% of all Bitcoin mining now takes place in North America, more than half of which now use renewable energy.
China previously controlled over 65 percent of the global hash rate. In April, this dropped to about 46 percent and has fallen further since then. The mass migration from China left behind plenty of old and less energy-efficient mining machines, which were due for shut down. Moreover, the combustion of fossil fuels to generate power is being phased out as more green alternatives like hydropower, solar, wind, nuclear and even gas flare energy are embraced.