According to the latest report from the Bitcoin Mining Council (BMC) for the second quarter of 2022, almost 60% of the electricity used to power bitcoin mining machines comes from sustainable sources.
In his Q2 review of the Bitcoin network published on July 19, BMC found that the use of sustainable energy in the global bitcoin mining industry grew by 6% compared to the second quarter of 2021 and 2% compared to the first quarter of 2022, reaching 59.5% in the latest quarter. , adding that it is “one of the most sustainable industries in the world.”
The Council noted that the increase in the sustainable energy balance of miners also coincided with the increase in the efficiency of mining.
Bitcoin mining hashrate in the second quarter grew by 137% year-on-year, while energy consumption grew only by 63%, showing a 46% increase in efficiency.
More information on the energy efficiency of bitcoin mining has been posted on the BMC YouTube channel. briefing complete report July 19 with MicroStrategy CEO Michael Saylor. According to Saylor, compared to eight years ago, the energy efficiency of miners has increased by 5,814%.
In the second quarter of 2022 #Bitcoin mining efficiency increased by 46% year on year, and the sustainable energy mix reached 59.5%, surpassing 50% for the 5th consecutive quarter. The network is 137% more secure than last year, while consuming only 63% more energy. It is hard to find a cleaner and more efficient industry.https://t.co/gqYn8qew9R
— Michael Saylor⚡️ (@saylor) July 19, 2022
It has also been found that bitcoin mining accounts for just 0.09% of the 34.8 billion metric tons (BMT) of carbon emissions estimated to be produced globally and consumes only 0.15% of the global energy supply.
Sailor noted at the briefing that the predictions of Bitcoin’s detractors regarding the power consumption of the network have so far not been accurate.
“People have long predicted that Bitcoin will use up all the energy in the world. This is not happening and will not happen because of efficiency dynamics.”
Marathon Makes New Deals to Achieve Hash Rate Goal by 2023
During the same briefing, Marathon Digital Holdings CEO Fred Thiel said mining efficiency is part of a “virtuous cycle” that will make the industry “more and more energy efficient.”
“A 100% increase in efficiency is related to energy consumption, because energy is our main cost item. Rising energy prices are forcing us to become more efficient.”
The report shows how the rising bitcoin (BTC) price is the driving force behind the energy efficiency of the network, as evidenced by the dramatic increase in efficiency over the past eight years.
As prices rise, so does the demand for ASIC mining devices, which encourages device innovation. More efficient devices are more cost-effective and profitable, forcing less profitable ones out of the market, thereby increasing the efficiency of the entire industry.
The data in the report was obtained from members of the BMC, which account for 50.5% of the global bitcoin mining hash power.
American lawmakers were especially interested in the state of energy consumption in bitcoin mining in the country.
Last week, six US lawmakers, including Warren, sent a letter to the Environmental Protection Agency (EPA) and the Department of Energy (DOE), asking the agencies to require mining companies to report their emissions and energy consumption.
Credit : cointelegraph.com