A recent survey reported by the Bitcoin Mining Council (BMC), a voluntary global group of bitcoin miners who are committed to the network and its core principles, has revealed that Bitcoin mining is becoming more energy-efficient.
Bitcoin Mining Becomes More Energy-Efficient
The BMC’s Q1 2022 Bitcoin Mining Data Review, published on Monday, pointed out that bitcoin mining operations accounted for an insignificant amount of global energy, about 16bps in the first quarter of 2022. It also generated negligible carbon emissions, 8bps, which represents a meager 0.085% of the world’s carbon production.
The survey data was collected from 50% of the global BTC network, which represents 100.9 exahash (EH), with participants currently utilizing a rather high sustainable power mix, sitting at 64.6%.
Per this data, the global bitcoin mining industry’s sustainable electricity mix is presently at 58.4%, having recorded a 59% increase year-on-year (YoY). This figure makes the BTC mining industry one of the world’s most sustainable industries.
Additionally, the BTC Network’s efficiency grew by 63% year-on-year, from 12.6 EH per gigawatt (GW) in Q1 2021 to 20.5 EH per GW in Q1 2022. This is a strong indication that the network has continued to grow and is expected to become even more efficient as time goes on.
Bitcoin Mining Industry Moves to Become Greener
For the longest time, Bitcoin’s energy-intensive mining processes have been one way that critics try to discredit the digital asset’s potential.
Elon Musk’s Tesla stopped accepting BTC payments earlier in 2021, citing energy concerns. New York legislatures have even attempted to ban PoW mining operations in the state.
However, amid extreme criticism from governments and environmentalists, the Bitcoin mining industry is rebranding to become environmentally sustainable. Hence, the debut of several initiatives to make the industry greener.
Commenting on the latest BMC report, Darin Feinstein, co-founder of Core Scientific and the BMC, said:
“In only one year’s time, the BMC now represents 50% of the global Bitcoin Mining Network with members spread across 5 continents. As sunlight is the best disinfectant, it is important for the world to get the real facts about the amount of energy used and carbon released by the Bitcoin Network.”
Just a few weeks ago, Blockstream confirmed the construction of its new solar-powered mining facility in partnership with Jack Dorsey’s Block and Tesla.
