At the end of May last year, Tesla’s Elon Musk persuaded bitcoin industry leaders to form the Bitcoin Mining Council (BMC), which launched its public services and website in mid-July. On April 25, 2022, the organization released a report discussing improvements in sustainable energy use in Bitcoin mining in the first quarter of 2022. Findings from the BMC Report show that Bitcoin’s electricity usage dropped by 25% in the first quarter of 2022 compared to the same period last year.
Bitcoin Mining Council Releases Q1 2022 Covering Mining’s Sustainable Power Portfolio and Technical Efficiency
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 BMC showcased three metrics, including: “Electricity Consumption, Technical Efficiency and Sustainable Power Mix.” BMC researchers managed to investigate roughly 50% of the network’s hash power, or 100.9 exahash per second (EH/s) on March 31, 2022.
The Voluntary Sector Survey indicated that 64.6% of all participants used a sustainable power mix to harness electricity. “Based on these data, it is estimated that the sustainable electricity mix for the global bitcoin mining industry is now 58.4% or approximately 59% year-on-year from the first quarter of 2021 to the first quarter of 2022, making it the most sustainable globally sex industry,” the BMC report emphasized.
Core Scientific co-founder: “The world needs to know the truth about the amount of energy the Bitcoin network uses and the amount of carbon released”
Microstrategy CEO Michael Saylor also made a statement in BMC’s fourth-quarter report. “In the first quarter of 2022, the computing power and associated security of the Bitcoin network increased by 23% year-over-year, while energy usage decreased by 25%,” said Microstrategy executives and BMC members. “We observed a 63% year-over-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of the mining industry in North America, the exodus from China, and the global adoption of sustainable energy and modern bitcoin mining techniques,” added Saylor.
In addition to Saylor’s comments, the report cites Core Scientific co-founder Darin Feinstein. Core Scientific executives explain how BMC membership has grown over the past 12 months. “The BMC membership hash rate increased from 29 EH initially to 101 EH in Q1 2022,” Feinstein said. “In just one year, BMC now represents 50% of the global Bitcoin mining network, with members spanning five continents.” Feinstein concluded:
Since sunlight is the best sanitizer, it is important for the world to know the truth about the amount of energy used by the Bitcoin network and the amount of carbon released. We hope those with journalistic integrity will deliver on their promise to use this ground-breaking data to bring authentic media and news to all.
The Bitcoin Mining Council also shared a video of the results of the latest BMC report, which can be seen here. Video presentations included Darin Feinstein and Taras Kulyk of Core Scientific, as well as Nic Carter of Castle Island and Michael Saylor, CEO of Microstrategy.
What do you think of the fourth BMC report, which discusses electricity consumption, technical efficiency and sustainable electricity mix in the Bitcoin mining industry? Let us know what you think about this topic in the comments section below.
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