The Bitcoin Mining Council (BMC) survey reports that Bitcoin has become significantly more efficient and environmentally friendly. It is the fourth time the Michael Saylor-backed group is releasing such a report.
According to the latest quarterly report by the BMC, Bitcoin mining has shown steady growth in its efficiency and reliance on greener energy. Furthermore, the group says that the survey on which their findings are based for the first time covers 50% of the global Bitcoin mining pool (approximately 100.9 EH).
The BMC’s Q1 2022 report shows that participants in the survey obtain about 64.6% of their power from sustainable energy sources. Based on this finding, the BMC estimates the worldwide bitcoin mining industry’s sustainable electricity mix is now 58.4%, up nearly 59% year-on-year from Q1 2021 to Q1 2022, making it one of the most sustainable sectors in the world.
Meanwhile, the sustainable energy mix data is not the only finding from the survey worth reporting. According to the council, Bitcoin’s mining efficiency and overall network security have also shown growth. The report says Bitcoin’s network efficiency has grown 63% year-on-year, producing 20.5 EH per gigawatt compared to the 12.6 EH per gigawatt reported in Q1 2021. Commenting on the latest report, MicroStrategy’s Michael Saylor said:
“In the first quarter of 2022, the hashrate and related security of the Bitcoin Network improved by 23% year-on-year while energy usage decreased 25%. We observed a 63% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide adoption of sustainable energy and modern bitcoin mining techniques.”
The Bitcoin Mining Council, which made its first appearance in June of 2021, is a brainchild of MicroStrategy’s Michael Saylor in response to energy and environmental concerns and criticisms surrounding the Bitcoin mining industry, including the decision of Elon Musk’s Tesla to halt acceptance of Bitcoin for their products. The council is largely made up of North American Bitcoin mining companies. With the forum, participants plan to encourage transparency and best practices in the sector.
A Solar-Powered Bitcoin Mining Facility And Persisting Regulatory And Environmental Concerns
While Tesla, despite the reports from the BMC, is yet to lift its embargo on BTC payments, as reported earlier this month, it does not appear that the firm has given up on sustainable Bitcoin mining. As reported, Blockstream and Jack Dorsey’s Block are set to launch a Bitcoin mining facility running on an off-grid Solar Power System by Tesla technology.
While Bitcoin miners appear to be willing to lean toward renewables, it does not appear that concerns of lawmakers and environmentalists have been quelled. This is evidenced by recent New York lawmakers’ efforts to ban the industry in the state and statements from ECB Fabio Panetta for increased taxation on the sector due to environmental concerns. In addition, environmentalists often argue that even when miners rely on renewables, more essential industries could better use the energy elsewhere.