Sustainable Bitcoin mining grew 60% in the past year
Bitcoin mining is moving toward greener energy with a 59 percent YoY increase in its sustainable energy mix
By Shashank Bhardwaj
The recent Blockchain Mining Council (BMC) report posits that Bitcoin mining has rapidly moved away from non-renewable resources in the past years. The crypto mining industry has adopted a greener and more sustainable energy source and recorded a 59 percent increase on a year-on-year basis of its use to mine bitcoins and secure the largest cryptocurrency blockchain.
BMC is a group of 44 Bitcoin mining companies. It claims to represent half of the existing mining facilities of the global Bitcoin network. The group is led by the well-known Bitcoin Maximalist and Microstrategy CEO Michael Saylor.
The BMC released a report of its survey on Monday, where the companies were asked questions around the hash rate of the operations of each company, the amount of energy consumed by each company, and the percentage of energy generated from renewable sources such as hydro, solar, wind, nuclear, or geothermal.
The survey results revealed the green energy mix for the global Bitcoin mining industry stands at 58.4 percent in Q1 of 2022, a marginal fall of 0.1 percent from the previous quarter. The growth is considered significant compared to the estimated figure of 36.8 percent in Q1 of 2021. The report also shows an increase in the energy efficiency of these mining operations. While electricity consumption has declined by 25 percent in the last year, the hash rate has increased by 23 percent–from 164.9 to 202.1. This shows an increase in efficiency by 63 percent from the last year and by 5,814 percent than eight years ago.
Notably, BMC was constituted in June 2021, and it is unknown how it came to the 36.8 percent estimate for Q1 of 2021. Data for the new report was self-reported by the BMC members. The members reported to be using a 64.6 percent sustainable energy mix. The global figures were arrived at from the data collected from BMC members.
The BMC report contradicts another report published in February by the scientific journal Joules. The report had claimed that crypto mining contributed to a 17 percent increase in the carbon emissions produced by operations carried on to sustain the Bitcoin network. The journal report presented an industry-wise breakdown of the energy consumption stating that Bitcoin mining operations consumed 247 terawatt-hours (TWh) of energy globally. This figure is less than half of the energy consumed by gold mining operations and 0.16 percent of the total energy consumption in the world.
Bitcoin has received a lot of flak for being energy-intensive and having a high carbon footprint. To combat this criticism, the mining industry has been keen on displaying its progression toward greener and more sustainable energy sources.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..