Currently, Bitcoin Mining uses around 0.12% of the global energy production.
Recently, the Bitcoin Mining Council (BMC) published its survey report called ‘GLOBAL BITCOIN MINING DATA REVIEW’.
It contains the various aspects of mining for the past quarter of July 2021-September 2021.
BMC is a voluntary global forum of Bitcoin Mining companies and other companies in the Bitcoin industry. It claims to represent 33% of the Bitcoin network.
The BMC surveyed Bitcoin miners around the world asking three questions;
- How much electricity does your total fleet consume today?
- What is the total % of sustainable electricity within your fleet’s power generation mix today?
- What is the total aggregate hashrate of your fleet today?
During the survey, it successfully collected the answers from all its members.
As per the results, the members of the BMC are currently utilizing electricity with a 65.9% sustainable energy mix.
Results of the Survey Research
Based on many extrapolations and assumptions the Global Bitcoin Mining industry uses a sustainable energy mix of around “57.7%, during Q3 2021, up 3% from Q2 2021, making it one of the most sustainable industries globally.”
“The annotated term ‘sustainable energy’ was defined as electricity generated by: hydro, wind, solar, nuclear, geothermal, and carbon-based generation with net carbon credits”, the BMC clarified.
“This quarter showed dramatic improvements in Bitcoin mining energy efficiency & sustainability”, said Michael Saylor.
Currently, Bitcoin Mining uses around 0.12% of the global energy production.
According to the report, worldwide 50,000 TWh of energy is lost due to inefficiencies. Mining consumes just 0.38% of the lost energy at 188 TWh.
There’s a caveat mentioned in the report that the analysis is based on many assumptions and extrapolation. So, it may not be precise.
Crypto Mining has been under fire this year for its carbon footprint. A move towards renewable sources of energy would make help it sustain itself longer. Globally, governments are taking climate change and global warming seriously. So, any industry which cannot keep itself ecologically friendly may face regulatory hurdles.
Do you think governments globally would now accept crypto mining as an energy-efficient industry?
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