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- BMC has noted that Bitcoin mining making use of renewable energy increased considerably from 1 percent to 58.5 percent in the fourth quarter of 2021.
- According to the report, sustainable energy information compiled consisted of more than 46 percent of the global Bitcoin mining.
In May 2021, the Bitcoin Mining Council (BMC) was founded as a voluntary global forum of Bitcoin mining companies like Atlas Mining and Bitfarms. In their recent finding of its fourth-quarter survey, BMC noted that the percentage of global Bitcoin mining making use of renewable energy increased considerably from 1 percent to 58.5 percent in the fourth quarter of 2021. The research was based on three key metrics, which are technological efficiency, electricity consumption, and sustainable power mix. This was confirmed by the founder and CEO of Microstrategy and a key member of the BMC Michael Saylor.
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.
According to the report, sustainable energy information compiled consisted of more than 46 percent of the global Bitcoin mining. Also, the members of the Mining Council are actively leading the movement with 66.1 percent harnessing electricity with a sustainable energy mix. Per the report, the self-reporting data used in making estimates for the global Bitcoin Mining Industry’s sustainable energy mix was 58.5 percent in the fourth quarter of 2021, a one percentage point increase from the third-quarter figure. The technological efficiency also saw a 9 percent increase to 19.3 petahash per MW.
BMC participating members leading the charge
Darin Feinstein, co-founder of Core Scientific and BMC discovered that the BMC participating members increased by 77 percent in the fourth quarter of 2021, which is a massive development. Michael Saylor stated:
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 and modern mining techniques.
These findings have been well appreciated by the crypto community as environmental activists have raised serious concerns against the Proof of Work algorithm of Bitcoin mining. Despite the 2021 debate concerning the environmental impact of Bitcoin mining, it is reported that the US Congress is about to take another look at it. In a recent report, the House Committee on Energy and Commerce has unveiled key witnesses to testify on the energy and environmental impact of crypto mining. The hearing is scheduled to take place on January 20. Some of these key witnesses include the CEO of Soluna Computing John Belizaire, Cornell Tech professor Ari Juels, and the CEO of BitFury Brian Brooks.
Many Bitcoin Miners have been forced to seek sustainable energy sources as a replacement as investors are threatening to boycott any other stocks and purchase those whose company uses sustainable energy. With the recent debates, nuclear energy has been pointed out as a perfect source for Bitcoin mining with its large amount of clean and carbon-free energy.
