63% renewable energy used by Bitcoin Mining Council making up 43% of global mining network 63% renewable energy used by Bitcoin Mining Council making up 43% of global mining network
Bitcoin Mining Council's sustainable surge amid energy fed back into the system
2 min read
Updated: Aug. 10, 2023 at 11:25 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Bitcoin Mining Council (BMC) reported significant strides in sustainable power usage and technological efficiency in Bitcoin mining, according to the findings of its survey for the first half of 2023.
These findings underscore the growing focus on ecological responsibility within the Bitcoin industry, a narrative that merges technological advancement with sustainability.
BMC statistics H1 2023
| BMC Statistic | H1 2023 |
|---|---|
| BMC Hash Rate | 158 EH |
| Year-on-Year Increase in BMC Hash Rate | 70% |
| BMC’s Share in Global Bitcoin Network | 43.4% |
| Sustainable Power Mix Used by BMC Members | 63.1% |
| Global Bitcoin Mining Sustainable Electricity Mix | 59.9% |
| Technological Efficiency | 26.1 EH per GW |
| Year-on-Year Increase in Technological Efficiency | 24% |
| Bitcoin Mining Operations in Curtailment Programs | 2.5 GW |
| Energy Released to Local Grids | 815 GWh |
The BMC, a voluntary global forum comprising several Bitcoin mining companies, aims to foster transparent practices and promote the benefits of Bitcoin and its mining processes.
At the start of 2022, it represented a total hash rate of 24 EH, which surged to 158 EH in Q2 2023, representing a 70% year-on-year increase in H1 2023.
This impressive growth sees the BMC accounting for 43.4% of the global Bitcoin Mining Network. The members, spread across six continents, are utilizing electricity with a sustainable power mix of 63.1%, thereby contributing to a slight improvement in the global Bitcoin mining industry’s sustainable electricity mix to 59.9%. Such data attest to the Bitcoin industry’s reputation as one of the most sustainable industries worldwide.
Bitcoin network gives back.
Technological efficiency in the global Bitcoin Network has also risen by an estimated 24% year-on-year, from 21.1 EH per gigawatt (GW) in H1 2022 to 26.1 EH per GW in H1 2023. This gain reiterates the fact that as the Bitcoin Network expands, it becomes increasingly efficient.
In addition to these positive changes, H1 2023 also saw a surge in curtailment. BMC members reported 2.5 GW worth of Bitcoin mining operations participating in curtailment programs, releasing 815 GWh of energy back to local grids during peak demand periods.
Most of this curtailment took place in the United States and Canada, highlighting the integral role of Bitcoin mining in grid stabilization and positioning it as a ‘buyer of last resort’ in several regions.
The Council’s members include Argo Blockchain, BitDeer, Bitfarms, Celsius Network, Consensus Mining, Compass Mining, Core Scientific, Galaxy Digital, Hive Blockchain, Hut8, Marathon Digital Holdings, Poolin, Riot Blockchain, Summit, and many others.
Mentioned in this article
Bitcoin 
Bitcoin Mining Council 
MicroStrategy 
Argo Blockchain 
Riot Platforms 
Compass Mining 
Core Scientific 
Hut 8 
Marathon Digital 
Poolin 
Celsius Network 
Bitdeer 
Michael Saylor Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitcoin Mining Council
The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles, dedicated to promoting transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining..
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
Argo Blockchain
Argo Blockchain is a cryptocurrency miner that uses renewable sources of power to support the growth and development of blockchain technologies.
Riot Platforms
Riot Platforms is a bitcoin mining company, supporting the Bitcoin blockchain through rapidly expanding industrial-scale mining focused in the United States.
Compass Mining
Compass is a Bitcoin-first company on a mission to encourage more people to learn about, explore, and mine Bitcoin while enhancing network security.
Core Scientific
Core Scientific is a leader in infrastructure and software solutions for Artificial Intelligence and Blockchain.
Hut 8
Hut 8 is a digital asset miner with two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, Canada.
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Poolin
Poolin, also known as Poolin.com, is one of the largest cryptocurrency mining pools in the world.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Bitdeer
Bitdeer is a provider of digital mining services for popular PoW cryptocurrencies.
Michael Saylor is the Executive Chairman, founder, and principal shareholder of MicroStrategy.
