Bitcoin Mining Council The latest report by the mining industry revealed that the mining industry is rapidly adopting sustainable energy sources to secure the largest crypto blockchain.
Bitcoin (BTC) mining companies have improved the use of green energy, increasing the global Bitcoin mining industry sustainable energy mix by approximately 59% year over year.
The Bitcoin Mining Council (BMC) is the name of a group of 44 Bitcoin mining companies that claim to represent 50% of the global Bitcoin network, or 100.9 exahash (EH). They released a new report with the findings on Monday, April 25. The group is also led by Bitcoin advocate and MicroStrategy CEO Michael Saylor.
Recent work with BMC member companies revealed how much electricity their companies consume, what percentage of that electricity is generated from hydro, wind, solar, nuclear or geothermal sources, and what the hash rate of their operations is.
BMC estimates the global mining industry’s top sustainable electricity mix for crypto is currently 58.4%, down 0.1% from last quarter. More importantly, it has grown significantly from renewable energy at an estimated 36.8% in the first quarter of 2021.
It’s worth noting, however, that BMC came out in June 2021, so it’s not entirely clear how they’re formulating the predicted 36.8% renewable energy in the first quarter of 2021.
Self-reported data from BMC members showed they use electricity with a sustainable power mix of 64.6%, while estimates of global Bitcoin mining are based on data from BMC members, which many do not deserve much consideration.
Bitcoin has come under the spotlight for its high energy consumption and high carbon footprint, and the mining industry seems willing to adopt greener energy sources or wasted byproducts from other operations to combat the criticism.
Data provided by BMC shows that China’s crypto mining ban Bitcoin (BTC) This seems to contradict a February study published in the scientific journal Joules, which highlights that it contributes to a 17% increase in carbon emissions produced by the operations necessary to maintain the network.
The report breaks expectations for overall estimated energy use by industry, claiming that global Bitcoin mining operations use 247 terawatt-hours (TWh), less than half of what gold mining operations consume, and 0.16% of the world’s total energy use.
Efficiency Increases in Bitcoin Mining
The results of the reported electricity consumption and hash rates apparently reveal improved mining efficiency.
While the industry’s electricity consumption has decreased by 25% in the last 12 months, the hash rate has increased by 23% from 164.9 to 202.1, which is equal to a 63% increase in mining efficiency since the first quarter of 2021. It means it is 5,814% more efficient than eight years ago.
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