In late May last year, Tesla’s Elon Musk convinced bitcoin industry leaders to create a Bitcoin Mining Council (BMC), and in mid-July the BMC launched its public services and website. On April 25, 2022, the organization released a report discussing the Bitcoin mining industry’s improvements in sustainable energy use in the first quarter of 2022. The results of the BMC report show that Bitcoin’s electricity consumption fell by 25% in the first quarter of 2022 compared to the previous year.
Bitcoin Mining Council publishes Q1 2022 on the sustainable power mix and technological efficiency of the mining industry
According to the latest Bitcoin Mining Council (BMC) report, the Bitcoin mining industry continues to improve its sustainable energy use and technological efficiency. The Q1 2022 survey conducted by the BMC shows three metrics including: “Electricity Consumption, Technological Efficiency and Sustainable Electricity Mix”. BMC researchers managed to capture about 50% of the network’s hash power, which was 100.9 exahash per second (EH/s) on March 31, 2022.
The voluntary industry survey revealed that 64.6% of all participants rely on electricity with a sustainable electricity mix. “Based on this data, it is estimated that the sustainable power mix of the global bitcoin mining industry is now 58.4% or increased approximately 59% year-on-year from Q1 2021 to Q1 2022, making it a of the most sustainable industries worldwide. “, highlights the BMC report.
Core Scientific Co-Founder: “The world needs to know the real facts about the amount of energy consumed and carbon released by the Bitcoin network”
Microstrategy CEO Michael Saylor also made a statement in BMC’s fourth-quarter earnings report. “In the first quarter of 2022, the hashrate and associated security of the Bitcoin network improved by 23% year-on-year, while energy consumption decreased by 25%,” said the Microstrategy executive and BMC member. “We observed a 63 percent year-over-year increase in efficiency driven by advances in semiconductor technology, the rapid expansion of North American mining, the exodus from China, and the global adoption of sustainable energy and modern bitcoin mining techniques,” added Saylor.
In addition to Saylor’s comment, the report quoted Core Scientific co-founder Darin Feinstein. The Core Scientific executive explained how BMC membership has grown over the past 12 months. “The hashrate of BMC members increased from 29 EH at the beginning to 101 EH in the first quarter of 2022,” said Feinstein. “In just one year, the BMC now represents 50% of the global bitcoin mining network with members on 5 continents.” Feinstein concluded:
Since sunlight is the best disinfectant, it is important for the world to know the real facts about the amount of energy consumed and carbon released by the Bitcoin network. We hope those of journalistic integrity will fulfill their obligation to provide truthful media and news by using this groundbreaking data, accessible to all.
The Bitcoin Mining Council also shared a video of the latest BMC report results, which can be viewed here. The video presentation includes Core Scientific’s Darin Feinstein and Taras Kulyk, along with Castle Island’s Nic Carter and Microstrategy CEO Michael Saylor.
What do you think of the fourth BMC report, which discusses the power consumption, technological efficiency and sustainable power mix of the bitcoin mining industry? Let us know what you think about this topic in the comment section below.
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