'Between 2, either rich in natural resources or rich in digital technology.'
Mining activities cause a 41% increase in energy consumption year-on-year, further increasing the potential for regulatory intervention to curb these activities.
According to the 3rd quarter 2022 report by the Bitcoin Mining Council (BMC), Bitcoin (BTC) mining consumes 0.16% of global energy production and produces 0.10% of the world's carbon emissions.
According to the BMC, this is a good improvement in the efficiency and sustainability of energy use for mining activities and considers the gas emissions to be 'negligible'.
Despite this, there is still an increase in BTC usage as the network hash-rate* jumps 8.34% in Q3 and 73% year-on-year despite the lack of block production due to the price drop.
*Performance calculation speed measurement rate every second in mining activity.
According to the blockchain analysis firm, Glassnode, the increase in hash-rate is due to the efficiency of mining software from miners with large balance sheets.
In addition, the firm also said that BTC mining efficiency has increased by 23% year-on-year and this has led to increased energy consumption which in turn increases the potential for blocking by regulators.
In general, environmental activists often voice objections to mining activities because they use high energy and impact the environment in the future.
The string, the regulator tasked with overseeing crypto activities including mining by planning to release a framework that benefits both parties.
Among the new frameworks introduced are the European Green Deal and the REPowerEU Plan designed by the European Union (EU) following the issue of energy supply as a result of the effects of sanctions from Russia.
