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November 29, 2022
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Bitcoin Mining Council points out that 56% of current mining is powered by sustainable energy

Mining BTC with renewable energy turned out to be a major demand in 2021

According to a recent estimate of the Bitcoin Mining Council (Bitcoin Mining Council) 56% of Bitcoin mining is now powered by sustainable energy.

In fact, a few days ago the results of a survey conducted by the Bitcoin Mining Council (BMC) were released, showing that 67% of respondents said they currently use electricity with a sustainable energy mix to mine Bitcoin.

It should be noted, however, that the survey sample is only 32% of the current global Bitcoin network, and the calculation that led BMC to claim that 56% of Bitcoin mining is now done with sustainable energy is just a I estimated.

BMC also operates primarily in North America, where the focus on sustainable consumption is greater. In other parts of the world, it may be much less considered.

Also, this is a survey, not a field audit, so it’s a matter of trusting what the BMC members who responded said.

Bitcoin mining is now sustainable

That said, the survey results would, however, reveal a clear prevalence of sustainable energy mixes, much higher than the average for other electricity-intensive sectors.

So regardless of whether these numbers are true, they show a much greater level of attention to the issue than is shown by many other energy-intensive industries.

For example, according to Tesla’s 2019 statement, only 30% of the electricity produced in California in 2017 came from renewable sources, although it is 12% in 2009 and the target is 60% in 2030.

It is highly likely that this goal can be achieved by Bitcoin mining before 2030.

Tesla CEO Elon Musk said his company will return to accepting Bitcoin payments when more than 50% of the energy consumed by mining is proven to come from renewable sources, so it’s not impossible to imagine this happening relatively soon.

In fact, in recent months, there has been a real collapse in Bitcoin mining energy consumption due to the closure of several mining farms in China.

According to CoinWarz, the hashrate has dropped from 191 Ehash/s on May 9th to 95 Ehash/s today, a drop of approximately 50% in just over a month and a half.

This drop is due to China’s decision to forcibly close virtually all its large mining farms. They were consuming a lot of non-renewable energy, mainly coal, and this effectively reduced the unsustainable energy consumption of Bitcoin mining.

Therefore, Bitcoin mining would now be by far one of the most sustainable industries in the world.

MicroStrategy CEO Michael Saylor, co-founder of the Bitcoin Mining Council, said:

“I am pleased to see that the Bitcoin mining industry has voluntarily joined together to provide critical information to the general public and lawmakers, especially with regard to clarifying common misconceptions about the nature and scale of Bitcoin’s energy use . This survey – the first quarterly publication of many we hope to see – is based on data from mining companies around the world. As I stated before, just because the Bitcoin network is decentralized doesn’t mean it should be disorganized.”

Source: cryptonomist

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