Global Bitcoin mining ‘one of the most sustainable industries globally,’ BTC Mining Council claims
Sustainable energy use in Bitcoin (BTC) mining reached 59.5% worldwide in the second quarter of 2022, an increase of 6% from the second quarter of last year, the Bitcoin Mining Council (BMC) said. I’m estimating.
As a result, Bitcoin mining becomes “According to July 19, it is one of the most sustainable industries in the world. press release According to BMC.
BMC is a voluntary global forum for Bitcoin companies across the sector, including mining, which accounts for 50.5% of the Bitcoin mining network.It was founded in May 2021 with the help of There are some of the largest Bitcoin mining companies and MicroStrategy, CEO Michael Saylor. MicroStrategy is the largest corporate owner of Bitcoin.
The calculations are based on BMC’s second quarter 2022 survey results, showing that BMC members and participants in the survey are using 66.8% of sustainable energy.
The BMC survey focused on three indicators: electricity consumption, technology efficiency, and sustainable electricity composition.
The findings also showed that mining efficiency increased by 46% from 14.4 EH per gigawatt (GW) in the second quarter of 2021 to 21.2 EH per GW in the second quarter of this year. This shows an increase in efficiency as the hash rate increased by 137% year-on-year and energy consumption increased by 63%. The hash rate represents the amount of computing power provided to the network. The higher the hash rate, the more secure your network.
At the briefing of the survey results YoutubeSailor said the efficiency of the Bitcoin mining industry has grown by 5,814% compared to eight years ago. He said:
“People have predicted that Bitcoin will run out of all the energy in the world for quite some time. It won’t happen and it won’t happen because of the dynamics of efficiency.”
In a briefing, Marathon Digital Holdings CEO Fred Thiel said that as the mining industry continues to grow, its efficiency will increase.
According to Saylor, efficiency gains Advances in semiconductor technology, expansion of mining in North America, outflow of miners from China, sustainable energy and global adoption of the latest Bitcoin mining technology.
There is increasing scrutiny of the power consumption of US Bitcoin miners.Last week, six senators, including Elizabeth Warren, Sent a letter We have requested the Environmental Protection Agency (EPA) and the Department of Energy (DOE) to request mining companies to report emissions and energy consumption.
