Bitcoin

Nearly 60% Of Electricity Used Bitcoin Mining Is The Sustainable Energy Source

Nearly 60% of the electricity used to power Bitcoin miners comes from sustainable sources, according to the latest Q2 2022 report from the Bitcoin Mining Council (BMC).

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In its Q2 review of the Bitcoin network released on July 19, BMC found that the global Bitcoin mining industry’s sustainable energy use increased by 6% compared to Q2 2021 and 2% compared to Q2 2021. Q1 2022, reaching 59.5% in the most recent quarter – adding that it is “one of the most sustainable industries globally.”

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The board observed an increase in miners’ sustainable energy mix as well as an increase in mining efficiency.

BTC mining hash rate in Q2 increased by 137% year-on-year, while energy usage increased by only 63%, demonstrating a 46% increase in performance.

It also shows that BTC mining accounts for only 0.09% of the estimated 34.8 billion tonnes (BMt) of global carbon emissions and consumes only 0.15% of the global energy supply.

Saylor noted during the press conference that Bitcoin detractors’ predictions about the network’s energy usage have so far been inaccurate.

“People have been predicting that Bitcoin will use up all the energy in the world for quite some time. That’s not happening and it won’t happen because of efficiency motivation.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.