As global Bitcoin mining industry’s sustainable electricity usage has grown to 57.7%, the need for clean energy is becoming more apparent than ever before, especially with cryptocurrency value on the rise.
The Bitcoin Mining Council (BMC) has released the results of its Q3 2021 study, revealing that the global Bitcoin (BTC) mining sector is continuing to increase its use of sustainable energy.
The Bitcoin Miners’ Coalition (BMC) is a non-profit organization of Bitcoin miners that was created in May 2021 with the help of several of the top Bitcoin mining businesses, as well as MicroStrategy and its CEO, Michael Saylor.
The BMC successfully gathered sustainable energy information from over 33% of the current global Bitcoin network in its most recent voluntary sector study.
“Electricity produced by: hydro, wind, solar, nuclear, geothermal, and carbon-based production with net carbon credits was considered as’sustainable energy,’” the BMC explained.
Members of the BMC and survey participants are now using power with a 65.9% sustainable energy mix, according to the findings.
“Based on this data, the worldwide mining industry’s sustainable power mix is anticipated to have expanded to around 57,7% in Q3 2021, up 3% from Q2 2021, making it one of the most sustainable businesses globally,” the survey said.
The Bitcoin mining network was restructured as a consequence of China’s prohibition in May, resulting in a hashrate redistribution in the third quarter of the year.
According to Saylor, “this quarter we saw dramatic improvements in Bitcoin mining energy efficiency and sustainability due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide rotation toward sustainable energy and modern mining techniques.”
The BMC estimated worldwide Bitcoin mining energy consumption at 188 TW/h at the end of September, accounting for just 0.12% of global energy output.
Furthermore, according to the analysis, Bitcoin mining used 0.38 percent of the worldwide 50,000TW/h energy that is wasted due to inefficiencies.
By focusing on the United States, the analysis found that 65 percent of the energy utilized to create and transmit power is lost or squandered.
The study findings revealed that Bitcoin mining efficiency is fast rising, with a 23 percent gain in only the third quarter.
Bitcoin mining has become 42 times more efficient over the last eight years, according to the analysis.
According to the BMC, which broke out the projected gains, “Bitcoin mining is sure to be considerably more energy efficient in the next eight years.”
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Posted in: Bitcoin, Cryptocurrency, Mining