Fortunately, there is an organization that deals with exactly these issues and has now released a report that clearly shows that Bitcoin miners are on the right track: The Bitcoin Mining Council states in the publication that 58% of the electricity used for mining mining comes from an alternative energy mix – more than half of the electricity is therefore green. You can read more about this exciting subject in the following lines.
The BMC and its quarterly figures
The Bitcoin Mining Council (BMC) consists of 44 bitcoin mining companies that came together some time ago to represent common interests. The mining power of the companies accounts for over 50% of the Bitcoin network’s global hashrate, so there is some market power behind that. Among other things, the BMC has set itself the goal of reviewing and reporting relevant information on a quarterly basis.
The Q1 2022 report states, among other things, that 58% of bitcoin mining now uses alternative energy sources, so the BMC even describes bitcoin as a leader in terms of sustainability.
It is also interesting to read that although electricity consumption is still high in the world, it is only 0.16% of the world’s electricity needs, which should certainly take the breath away from many critics.
Anyone concerned about security issues will also find a reassuring statement in the Bitcoin Mining Council report: the survey showed that network security increased by 23% year-over-year. And there’s more exciting news to report: Mining efficiency has increased by 63% over the previous year. It is assumed that the reason for this is the technical development of miners and better hardware.
Green versus critical
The substantive details, which almost overlap with the release of the quarterly figures, are particularly poignant: the report was released immediately after a request to the US Environmental Protection Agency in which a group of lawmakers called for a survey of crypto mining companies. It should be checked whether the mining companies currently in operation comply with the laws in force on the protection of the environment. The center of suspicion is the proof-of-work process, which is also used in Bitcoin mining. Despite the report, the latest developments show that the fronts are likely to harden again and again and environmentalists will continue to find points that allow criticism. Nonetheless, 58% green electricity is a great mark to build on and opens up even better and more sustainable prospects for the future of cryptocurrency mining.
Smart IT Alliance GmbH