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Global Bitcoin mining becoming more sustainable – Mining Council Report

John KumiBy 0Edited by John Kiguru 19. January 20223 Mins Read
  • 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. 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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