Bitcoin Mining Is One Of The Most Sustainable Industries On The Planet.

The Bitcoin Mining Council has released its first report for 2022, which covers the state of the network and one of its most highly controversial aspects: energy usage. This report displays 50% of the cryptocurrency’s network and was gathered through a voluntary survey.

This organization, founded in 2021 as a voluntary global forum with key Bitcoin mining businesses and MicroStrategy, has been releasing data that contradicts the mainstream media’s portrayal of the network.

According to this year’s findings, survey participants use 64.6% electricity with a reliable energy mix. This is a 59% growth in the cryptocurrency’s sustainable electricity mix year over year, making it “one of the most sustainable industries in the world.”

As the BTC network grows and technological advancements are made, it has become more secure while increasing efficiency and lowering energy consumption. Year over year, the latter has decreased by 25%.

 With 16 basic points (bps), the Bitcoin network represents a “insignificant” amount of world energy usage, according to the group.  As shown in the graph below, the total amount of energy produced around the world is 1154,750 terawatts per hour (TWh), but BTC mining uses just 247 TWh.

The survey’s findings were given by Michael Saylor, CEO of MicroStrategy, who claimed that BTC mining accounts for less than 0.1% of global energy use. Its carbon emissions are smaller with 8 basic points (bps).

When compared to other countries, the 247 TWh generated by the Bitcoin mining sector appears to be shrinking. The combined consumption of China and the United States is above 70,000 TWh. Saylor explained:

“Critics would say it’s (Bitcoin mining energy consumption) bigger than country B, but they always pick a country which is a tenth of a percent of the energy usages in the world to make it sound big (…).”

According to additional data released by the Bitcoin Mining Council, this sector has attained previously unpreceded levels of sustainability. As seen below, BTC mining is more sustainable than the European Union (EU), the United States, and other large economies in terms of power mix.

BTC mining, on the other hand, is significantly more sustainable than other industries, according to Saylor. Around 9,000 TWh is consumed by the building and finance and insurance industries, 4,000 TWh by the aviation industry, and 7,000 TWh by the military-industrial complex.

Despite this evidence, politicians, regulators, and the mainstream media continue to target Bitcoin mining. According to the research, the problem is more likely to be related to the network’s ability to remain independent of centralized actors than to energy usage. Saylor explained:

“In the first quarter of 2022, the hashrate and related security of the Bitcoin Network improved by 23% year-on-year while energy usage decreased 25%. We observed a 63% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide adoption of sustainable energy (…).”

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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Patrick

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