Sunday, October 1

Some BMC findings on the Bitcoin mining industry in its latest report

El Bitcoin Mining Council (BMC) public a survey in its latest report estimating that 58.5% of Bitcoin mining is now done using a mix of sustainable energies. The estimate comes from a survey conducted by BMC of around 46% of Bitcoin miners globally. 66.1% of those surveyed responded that as of December 31, 2021, they used electricity from a sustainable energy mix.

The survey in question focused on three parameters: sustainable energy mix, technological efficiency and electricity consumption. Based on these data, it was estimated that the electricity obtained from the mix of sustainable sources of the mining industry is now around 58.5% of the total.

In addition, the technological efficiency of the global Bitcoin network also increased by 9% in the fourth quarter of 2021. And, there are prospects for it to be even more efficient. Furthermore, the release of this data represents the third quarterly release from BMC, which was founded in May 2021 with the support of some of the best Bitcoin mining companies in the industry.

Founded in May 2021, the BMC is a voluntary global forum of Bitcoin mining companies. Such as Bit Digital, BitFury, Bitfarms and Atlas Mining, and other organizations in the sector.

For Michael Saylor, CEO of MicroStrategy and member of the Bitcoin Mining Council, “dramatic improvements in the energy efficiency and sustainability of Bitcoin mining” have been seen in the last quarter of 2021.

Environmental Impacts of Bitcoin Mining

There is no denying that over the past two years, the narrative that Bitcoin consumes too much energy has continued to gain traction. However, in recent months, an increasing number of Bitcoin miners have moved towards renewable energy.

It is also well known that the environmental impacts of Bitcoin mining have been hotly debated for some time. And, the United States Congress is preparing to thoroughly examine the energy impacts of proof-of-work blockchain networks.

However, the aforementioned findings are not a total surprise. The environmental impact of Bitcoin mining, for many, should be the biggest nail in their coffin. That is the reason why Bitcoin miners are looking for sustainable energy sources.

Although mining cryptocurrencies with renewable energy seems to be an ongoing trend, the industry still has a long way to go before it has any real impact on the environment.

Founded in 2021, the Bitcoin Mining Council is a global forum for open Bitcoin miners that helps spread transparent ideas and visions to educate the masses about the various benefits of Bitcoin and Bitcoin mining.