Bitcoin mining is becoming more and more sustainable

Bitcoin Mining Council (BMC) has announced Results of the January 18 Q4 survey show that the share of the bitcoin mining industry powered by renewable energy worldwide increased by 1% to 58.5% in Q4 2021.

The survey focuses on three indicators: sustainable energy, technology efficiency and electricity consumption.

Founded in May 2021, BMC is a voluntary global forum of Bitcoin miners such as Bit Digital, BitFury, Bitfarms, Atlas Mining and others in the industry.

Michael Saylor, founder and CEO of MicroStrategy and a key member of BMC, noted:

“During this quarter, we continued to see trends with significant improvements in the energy efficiency and sustainability of bitcoin mining operations due to advances in semiconductor technology, rapid expansion of North American mining, the Chinese exodus, and the global shift to sustainable energy and modern mining techniques.”

The survey collects sustainable energy information from miners, who make up over 46% of the global Bitcoin network as of December 31, 2021. According to the survey, BMC members mine their own electricity with a sustainable energy rate of 66.1%.

Self-reported data was then used to estimate the sustainable energy mix of the global bitcoin mining industry at about 58.5% in Q4, up 1% from Q3. The industry’s estimated technology efficiency also rose 9% to 19.3 petahashes per MW.

Darin Feinstein, co-founder of Core Scientific and BMC, noted that participating BMC members’ hashrate increased 77% in the fourth quarter.

The environmental impact of bitcoin mining has been a hot topic for some time, and the US Congress is now planning to take a closer look at the energetic impact of the Proof of Work (POW) blockchain. The House Committee on Energy and Commerce just announced key witnesses who will testify at a Jan. 20 hearing on the environmental and energy impacts of cryptocurrency mining.

Notable witnesses include BitFury CEO Brian Brooks, Cornell Tech Professor Ari Juels, and Soluna Computing CEO John Belizaire.

Bitcoin miners are increasingly looking for sustainable energy sources as pressure from the public, shareholders and governments mounts. Investors like Kevin O’Leary, also known as Mr. Wonderful, said it wants to buy shares in mining companies that use sustainable energy.

One avenue that could be further explored is nuclear power. At the Bitcoin & Beyond Virtual Summit in early November, Griid Vice President Harry Sudock said nuclear power could provide an opportunity to introduce a large amount of clean, zero-carbon energy.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page