2 days ago · 3 min read
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46% Bitcoin miners employ renewable energy sources to mine Bitcoin: BMC
A recent survey conducted by the Bitcoin Mining Council reported improved sustainable power metrics and usage of renewable energy resources while mining Bitcoin.
Bitcoin Mining Council (BMC), recently announced the results from its quarter fourth survey highlighting how Bitcoin mining is steadily adopting sustainable power usage. As per the latest Q4 survey report, the percentage of the global Bitcoin mining industry deploying renewable resources to mine Bitcoin has increased from 1% to a notable 58.5%.
Sustainable Bitcoin mining
The survey conducted by BMC considered three metrics, mainly sustainable power mix, technological efficiency, and electricity consumption. The fresh finds reported by BMC depict a stark improvement in the process of Bitcoin mining. As per the official data, nearly 46% of Bitcoin miners were using sustainable power sources to mine Bitcoin. The new report also observed that the hashrate of BMC participating members has also increased by 77% in Q4.
The Q4 data further revealed the total sustainable power mix used in mining cryptocurrency has increased to 66.1%, while Bitcoin mining technological efficiency has enhanced tremendously, demonstrating an improvement of 9% since the last Q3 survey report.
Michael Saylor, the founder, and CEO of Microstrategy and crucial member of Bitcoin Mining Council took to Twitter to announce the BMC Q4 survey findings.
Q4 #Bitcoin Mining Council Survey Confirms Improvements in Sustainable Power Mix and Technological Efficiency. Estimated sustainable energy mix was 58.5%. Join us at 5pm ET today for a full briefing.https://t.co/t1gTZV9GtT
— Michael Saylor⚡️ (@saylor) January 18, 2022
“This quarter we saw the trend continue with dramatic improvements to Bitcoin mining energy efficiency & sustainability due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and worldwide rotation toward sustainable energy & modern mining techniques.” as stated by Michael Saylor
Darin Feinstein, Co-founder of Core Scientific and BMC also reiterated similar sentiments noting the sustainable changes observed in the Bitcoin mining process.
“BMC participating membership hashrate increased 77% from Q3 to Q4 2021, reinforcing that the digital mining sector is recognizing the valuable data that the BMC is bringing to light around the reality of how we operate sustainably” Feinstein added
Founded in 2021, Bitcoin Mining Council is a global forum of open Bitcoin miners that helps propagate transparent ideas and vision to educate the masses on various benefits of Bitcoin and Bitcoin mining.
Bitcoin mining’s proof of work consensus has long been blamed due to its extensive energy consumption requirements and the fact that it negatively impacts the environment. Bitcoin miners since then have been looking for multiple sustainable ways through which they can mine Bitcoin without negatively impacting the environment.