mining Bitcoin (BTC) It is becoming more efficient as companies are increasingly using green energy in their mining operations, according to a recent survey Bitcoin Mining Council (BMC)A voluntary global forum for bitcoin mining companies. Bitcoin Mining Council (BMC) It is a group of 44 Bitcoin mining companies that claim to represent 50% of the global Bitcoin network, or 100.9 exahash (EH). On Monday, it released a new report with the results.
Bitcoin has been criticized for its high energy consumption, and the mining industry is keen to show its adoption of environmentally friendly energy sources or waste byproducts from other operations to combat criticism.
aka scanning “Bitcoin Mining Data Review for the First Quarter of 2022” Posted on Monday, Bitcoin efficiency allegedly grew by 6% in the first quarter of the year and 63% year-on-yearfrom 12.6 EH per gigawatt in the first quarter of 2021 to 20.5 EH per gigawatt in the first quarter of 2022.
to me Michael SaylorCEO of MicroStrategy, a founding member of BMC:
“We have seen an efficiency increase of 63% year over year thanks to advances in semiconductor technology, the rapid expansion of mining in North America, the Chinese exodus, and the global adoption of sustainable energy and modern bitcoin mining technologies.”
Additionally, the survey participants, who are said to make up 50% of the global Bitcoin network, which is 100.9 exahash (EH), It currently uses electricity with a sustainable energy mix of 64.6%.
Real consumption of mining
The data provided by BMC contradicts a study published in February in the scientific journal joules Which highlighted how cryptocurrency mining contributes to 17% increase in carbon emissions Produced by Bitcoin Network Support Operations. According to this data, IThe sustainable electricity mix for the global Bitcoin mining industry is currently 58.4%, up 59% year-on-year.
In a presentation, the board also noted that bitcoin mining represents a negligible amount of global energy and generates negligible carbon emissions. Which represents only 0.085% of the world’s production of carbon dioxide. The report breaks down the total estimated energy consumption by sector, arguing that Global Bitcoin mining uses 247 terawatt-hours (TWh)Less than half of what gold mining consumes.
The board said that the efficiency of bitcoin mining is improving rapidly, which could pave the way for institutional adoption. Specifically, BMC estimated that mining efficiency could increase by 3x over the next four years and 2x over the next four years.
Marcos SoteroAnalyst at Digital Asset Broker GlobalBlock In the UK, he said in a comment:
“These improvements are interesting for organizations that see environmental impact as one of the main reasons not to invest in Bitcoin.”
Notably, the CEO of Tesla and SpaceX, Elon Musk, It said it will resume accepting BTC payments for car purchases when the rate of Bitcoin use of renewable energy exceeds 50%.
Musk is not involved with BMC. According to the council’s website, billionaires have no role “The extent of his involvement was his participation in an educational call with a group of North American companies to discuss Bitcoin mining.”.