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Sustainable energy consumption in Bitcoin (BTC) mining: increase of 60 percent in one year

 


Bitcoin ( BTC ) mining companies are getting greener. The global bitcoin mining industry has increased its sustainable power mix by about 59 percent year-on-year.


The Bitcoin Mining Council (BMC) is a group of 44 bitcoin mining companies that say they represent 50 percent of the global bitcoin network, or 100.9 exahash (EH). The BMC released a new report Monday with the findings. Also at the head of the group is Bitcoin proponent and MicroStrategy CEO Michael Saylor.


The most recent survey of BMC members asked how much electricity their businesses use, what percentage of that electricity comes from hydro, wind, solar, nuclear, or geothermal sources, and what the hashrate is.


The BMC estimates that the sustainable power mix of the mining industry worldwide is now 58.4 percent for the major cryptocurrencies. That's down 0.1 percent from the last quarter. However, this is a significant increase compared to Q1 2021, when the share of renewable energy was estimated at 36.8 percent.


However, the BMC was only founded in June 2021, so it is not entirely clear how it comes up with the estimate for the first quarter of 2021.


The data for the new report, which the BMC members themselves provided, shows that they use a power mix where the share of sustainable energy is 64.6 percent. Bitcoin mining figures worldwide were estimated using data from BMC members.


Bitcoin has been criticized for its high energy consumption and large carbon footprint . The mining industry wants to show that it uses greener energy sources or waste products to counter this criticism.


The BMC's figures contradict a February study published in the journal Joules. This highlighted that a 17 percent increase in CO2 emissions was due to crypto mining .


The report sorts the estimated total energy consumption by industry. It states that Bitcoin mining worldwide consumes 247 terawatt hours (TWh). That's less than half the consumption for gold mining and 0.16 percent of the world's total energy consumption.



Bitcoin mining worldwide compared to other industries

The results from their own information on power consumption and hash rates show that mining efficiency has apparently increased.


Over the past 12 months, the industry's power consumption has fallen by 25 percent, while the hash rate has increased by 23 percent from 164.9 to 202.1 . That's a 63 percent increase in mining efficiency since Q1 2021. The BMC claims Bitcoin mining is 5,814 percent more efficient today than it was eight years ago.

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