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May 29, 2022
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46% of Bitcoin miners use renewable energy

A recent survey conducted by the Bitcoin Mining Council (BMC) reported improved sustainable energy metrics and use of renewable energy resources during Bitcoin mining.

As recently announced by BMC, its Q4 survey results highlight how Bitcoin mining is steadily embracing sustainable energy use.

The survey carried out by BMC considered three metrics, mainly sustainable energy mix, technological efficiency and electricity consumption. The new findings reported by BMC depict a huge improvement in the Bitcoin mining process.

According to official data, nearly 46% of Bitcoin miners were using sustainable energy sources to mine Bitcoin. The new report also noted that the hashrate of participating BMC members also increased by 77% in the fourth quarter.

The fourth quarter data further revealed that the total sustainable energy mix used in cryptocurrency mining has increased to 66.1%, while the technological efficiency of Bitcoin mining has greatly improved, demonstrating a 9% rise since the last survey report of the third. quarter.

Michael Saylor, founder and CEO of Microstrategy and a pivotal member of the Bitcoin Mining Council, took to Twitter to announce the results of the BMC Q4 survey.

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“This quarter, we have seen the trend continue with dramatic improvements in the energy efficiency and sustainability of Bitcoin mining due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide rotation towards sustainable energy and techniques. modern mining.” as stated by Michael Saylor.

Darin Feinstein, co-founder of Core Scientific and BMC, also reiterated similar sentiments, noting the sustainable changes seen in the Bitcoin mining process.

“The hashrate of participating BMC members increased 77% from Q3 to Q4 2021, reinforcing that the digital mining industry is recognizing the valuable data BMC is bringing to light on the reality of how we operate sustainably,” he added. Feinstein.

Founded in 2021, the Bitcoin Mining Council is a global forum of open Bitcoin miners that helps to spread transparent ideas and views to educate the masses about the 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. Since then, Bitcoin miners have been looking for various sustainable ways in which they can mine Bitcoin without negatively impacting the environment.

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