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How "Green" is Bitcoin Mining?

A very topical question, one that should be easy to answer. Unfortunately, the answer is complex. Very, very complex.

In an attempt to answer this question, pundits often cite top-down global estimates generated by black box models. While these estimates provide interesting sound bites to frame a discussion, they are not reliable data points that can be used to monitor the decarbonization of Bitcoin mining due to their vague assumptions and broad conclusions.

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