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Sunday, May 22, 2022

Bitcoin Mining Has Turn Out To Be More Sustainable

According to new data, the percentage of the global industry of Bitcoin mining that runs on renewable power increased by 1% to 58.5%. This took place in the fourth quarter of 2021, as portrayed by the new data. The BTC Mining Council has already announced the findings of its fourth-quarter survey on the 18th of January. The survey will be focusing on three separate metrics- sustainable power mix, electricity consumption, and technological efficiency. 

Bitcoin Mining Has Increased Its Usage of Renewable Energy

The Bitcoin Mining Council was founded in May 2021, and is a voluntary global forum of BTC mining companies such as BitFury, Bitfarms, Bit Digital, and Atlas Mining, along with other industry organizations.

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Michael Saylor, the CEO, and Founder of MicroStrategy, who is also a member of the BMC has stated that this quarter will be seeing the trend continue with dramatic improvements to mining energy efficiency and sustainability due to major advances that have taken place in semiconductor technology, coupled with the rapid expansion of North American mining, the China Exodus, and worldwide rotating toward sustainable energy and modern mining techniques. 

This voluntary survey has complied sustainable energy information from miners who have been accounting for around 46% of the global network of Bitcoin. According to the survey, the members of the Mining Council themselves have been harnessing electricity with a sustainable energy mix of 66.1%. The self-reported data was then further used to estimate the global mining industry of BTC, which was then set up as 58.5% during Q4, which is an increase of one percentage point on Q3’s figure. 

Darin Feinstein, the co-founder of Core Scientific and the Bitcoin Mining Industry has noted that the hash rate of the BMC participating members increasing by 77%.

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