Cryptocurrency

Bitcoin mining council Q4 2022 briefing shows a drop in sustainable energy usage

Hull Invest

The Bitcoin Mining Council (BMC) recently released its briefing for Q4 2022, outlining the current sustainable energy mix. 58.9% – Down 0.5% QoQ 59.4% figure.

BMC was formed in May 2021 in response to Tesla’s U-turn to accept Bitcoin as payment for claims that its network is powered primarily by coal. Tesla CEO Elon Musk believes coal is the most polluting of the fossil fuels, which prompted his decision.

In response, bitcoin’s price dropped 48%, bottoming out at $30,200 two weeks later, underscoring the seriousness of the incident. Additionally, public backlash against Musk has grown, with many blaming him for the sharp price correction.

of BMCMemberships made up of companies such as Argo, Bitfury, and Marathon, to name a few, were established to promote transparency, share best practices, and educate the public about BTC mining.

Musk was mentioned as a key figure at the time, but founding member MicroStrategy chairman Michael Thaler later admitted that he played no role within the organization.

Ah important promise The purpose of BMC is to publicize current renewable energy use and, perhaps not explicitly stated, to encourage members to increase their use of environmentally sustainable energy sources. am.

The current 58.9% sustainability rate is over 56% as of Q2 2021, slightly lower than the previous quarter, suggesting that the situation is regressing.

Other Key Takeaways from the Bitcoin Mining Council Briefing

The current executive summary states that the Bitcoin network will use “an insignificant amount of global energy” at 17 basis points (bps) and “negligible [global] Carbon emissions” 11 bps.

Additionally, the hash rate jumped by almost 50% compared to Q4 2021 as more miners/mining power joined the network.

“Bitcoin mining hash rate is up 45% year-over-year and efficiency is up 16%, resulting in a 25% year-over-year increase in energy usage.”

data from ycharts.com We verify the claim that the YoY hashrate has jumped by 45%.

Is Mr. Musk back?

At the time of the U-turn, the mask ensures that the network is approximately 50% Sustainable energy use “with a positive future trend”.

Given that the latest report shows the network is consuming more than 50% of sustainable energy usage, some in the Bitcoin community have taken the opportunity to raise the issue. .

@Bitcoin Magazine I was asked recentlyWhen resuming BTC payments, Elon?While being a crypto influencer @CryptoKingKeyur said, “I would appreciate it if you could reactivate the permission #bitcoin Trade now. ”

Posted In: Bitcoin, Mining

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