Bitcoin mining switches to sustainable energy

BMC is very proud to present its first quarter report that its members are consuming energy with a sustainable energy mix of 67%, while the global Bitcoin network uses electricity with a sustainable energy mix, 56%, more than the US that EU, Germany and Canada. This means that BMC is moving to sustainable energy in Bitcoin mining while countries rely more on fossil fuels or other non-renewable sources to meet their needs.

Bitcoin mining is switching to sustainable energy

The Bitcoin Mining Council (BMC) – founded by Michael Saylor – has published its first quarterly report. We know North America uses 67% renewable energy to mine Bitcoin.

BMC’s 23 companies represent 32% of the global hashrate. They have aggregated their data on the origin of their energy and it appears that 67% of that comes from renewable resources.

For comparison: Renewables only make up 20% of the world’s total energy consumption. The US “brag” about 30% and Europe about 49%, of which 48% are in Germany and 52% in France.

BMC also interviewed miners from around the world with three questions:

How much electricity do you use?

What is your AWH rate?

How much electricity is generated from renewable sources in total?

Based on the data collected, BMC estimates that the market share of renewable energy in the global bitcoin mining industry will reach around 56% by the end of the second quarter of 2021, making it one of the “greenest” industries in the world.

Darin Feinstein, Founder of Blockcap and Core Scientific, noted that this report comes at a critical time as China no longer appears to be able to store more than half of Bitcoin’s hashrate.

He said, “Although China has shut down more than 60% of the global Bitcoin network, the Bitcoin network has had no downtime, no bailouts, no bankruptcy filings, and simple deployment adjustments. Bringing its infrastructure back into areas with more freedom.”

In addition, the exodus of Chinese miners (who consume a lot of coal) will most likely further improve BTC’s carbon footprint.

One thing that continues to interest Bitcoin critics is that the resulting energy, although renewable, is still in abundance.

Based on statistics from BP, BMC estimates the total energy generated worldwide at 162,194 TWh per year. According to the International Energy Agency, around 50,000 TWh of this large sum are wasted. However, this issue has not been considered as it represents only 0.117% of the total energy in the world. You can also rest assured that 0.4% of the world’s energy is unlikely to ever go to Bitcoin mining.

Know that the Bitcoin network uses 189 TWh, which is only 0.1% of the world’s energy production and 0.4% of the energy wasted. Note that BTC’s energy consumption is only 2.8% of the electricity wasted in the US alone.

Michael Saylor held a press conference to present the findings of the report and did not hesitate to say:

“If you’re an ESG activist, Bitcoin is the most ESG-friendly industry in the world.”

ESG criteria are environmental (especially CO2 emissions), social (direct impact on stakeholders) and governance criteria.

For Michael Saylor, Bitcoin ticks all the boxes: “Bitcoin has the best governance in the world: no board of directors, no CEO, nobody can manipulate it. […] It’s good for society because it empowers billions and billions of people. Not many other technologies offer the promise of ownership and preservation of wealth to anyone who uses an Android phone in the world. [giá rẻ]! “

In the environmental sector, the CEO of Microstrategy emphasized that there is no other industry that consumes as much renewable energy as Bitcoin. “I can’t find an industry that is physical and uses more than 68% renewable energy. I urge everyone to find a large industry that uses more than 68% renewable energy. Or even 60% or even 50% ”.

Even when compared, there is a huge difference in sustainable energy use and hash rate, and that’s just the beginning. Companies are also looking for cheaper and more renewable alternatives to traditional fossil fuels.

Daron Feinstein, a key member of BMC and also the founder of Blockcap, mentioned how Bitcoin continues to gain even though China has closed over 60% of the global Bitcoin network and is experiencing downtime. The massive crackdown on Bitcoin in China will also play a huge role as we will see more miners in the US using more sustainable energy instead of coal or other fossil fuels. A decrease in the hash rate to 50% would indicate a massive recovery and also increase the proportion of sustainable energy in the follow-up study. We are likely to see a major rally in hash rate followed by more sustainable energy use in the near future.

The Bitcoin Mining Council (BMC) is a voluntary and open forum of Bitcoin miners who are committed to the network and its basic principles. BMC promotes transparency, shares best practices, and educates the public about the benefits of Bitcoin and Bitcoin mining.

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