Bitcoin (BTC) miners continue to embrace green energy as the global bitcoin mining industry has increased its sustainable energy mix by approximately 59% year-over-year.
The Bitcoin Mining Council (BMC) 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, April 25th, it released a new report with the findings. The group is also led by Bitcoin proponent and MicroStrategy CEO Michael Saylor.
The most recent survey of BMC member companies asked how much electricity their companies use, what percentage of that electricity is generated from hydroelectric, wind, solar, nuclear or geothermal sources, and what the hash rate of their operations was.
The BMC estimates that the global mining industry sustainable power mix for the top crypto is now 58.4%, down 0.1% from the last quarter. Perhaps more importantly, it’s significant growth from the 36.8% estimate for renewable energy in the first quarter of 2021.
However, it’s worth noting that the BMC was only formed in June 2021, so it’s not exactly clear how they worded the 36.8% renewable energy share estimated in Q1 2021.
Data for the new report, self-reported by BMC members, showed they used electricity with a sustainable electricity mix of 64.6%. Global bitcoin mining figures were estimated from data provided by BMC members.
Related: Earth Day analysts say Bitcoin mining is inherently leaning towards green energy
Bitcoin has come under fire for its high energy consumption and carbon footprint, and the mining industry is keen to show it uses greener energy sources or by-products wasted from other operations to combat criticism.
The figures provided by BMC contradict a study published in February in the journal Joules, which highlighted that the Chinese ban on crypto mining contributed to a 17% increase in carbon emissions caused by operations to maintain the Bitcoin network.
The report breaks down estimated total energy consumption by industry and claims that global bitcoin mining operations consume 247 terawatt hours (TWh), less than half of what gold mining operations consume and 0.16% compared to the world’s total energy consumption.
Bitcoin mining efficiency is improving
The results of the self-reported power consumption and the hash rates of the companies seem to show that the efficiency of mining has increased.
Over the past 12 months, industry power consumption has dropped by 25%, while hash rate has increased by 23% from 164.9 to 202.1, representing a 63% increase in mining efficiency over the last year since Jan th quarter of 2021. The BMC claims Bitcoin mining is 5,814% more efficient than it was eight years ago.
https://cointelegraph.com/news/sustainable-energy-usage-for-btc-mining-grows-nearly-60-in-a-year Sustainable Energy Consumption for BTC Mining Grows Nearly 60% in One Year