Bitcoin Miners Favour Green Energy: Take That, Environmentalists!

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It looks like one of the Bitcoin naysayers’ favourite arguments might soon be obsolete. Researchers from CoinShares claim that the network is actually running on around 75 percent renewable energy.

The crypto investment products and research firm have just published the third instalment of its Bitcoin Mining Report.
Much of the report focuses on the profitability of Bitcoin mining. It states that Bitcoin can currently be mined profitably at a price of around $3,300 / BTC.

The report also found the following:

The network was growing in line with five years trends, although mining equipment sophistication is accelerating faster than expected.
Miners prefer areas with abundant hydroelectric power – Scandinavia, The Caucasus, The Pacific North West, Eastern Canada, and Southwestern China. These areas are thought to be favoured because much of the power generated there goes unused.
However, the most interesting bit of the document is the overall estimates of how much of the network relies on renewable energy.

Bitcoin is often attacked by environmentalists as being wasteful. They argue that the fact that the network consumes the same amount of electricity as some nations on the planet is unacceptable. However, such an argument is highly reductionist as it does not take into account just where that energy was sourced from.