Mining Report Shows Bitcoin’s Electricity Consumption Decreased by 25% in Q1 2022 – Mining Bitcoin News

Mining Report Shows Bitcoin's Electricity Consumption Decreased by 25% in Q1 2022

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.

tags in this story

25% reduction, bitcoin mining, bitcoin mining committee, bitcoin mining network, BMC, BMC members, BMC members, BTC Mining, Core Scientific, cryptocurrency, Darin Feinstein, electricity consumption, electricity bitcoin, Elon Musk , Hashpower, Hashrate, michael saylor, CEO of Microstrategy, Goals, Sustainable Power Portfolio, Technical Efficiency

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.

Jamie Redman

Jamie Redman is Head of News at News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for News on the disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

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