REPORT

August 8, 2023

Bitcoin’s Carbon Footprint Revisited: Proof of Work Mining for Renewable Energy Expansion

Bitcoin mining has long been criticised for its energy consumption, but this systematic review challenges that narrative. This study analyses state-of-the-art research on Bitcoin mining and grid decarbonisation, exploring how proof of work mining could serve as a flexible load response to boost renewable energy penetration. 

The findings suggest renewable-based mining could drive net-decarbonising effects, warranting fundamental re-evaluation of Bitcoin's environmental impact.