Bitcoin mining becomes more sustainable: Mining Council’s Q4 survey

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The share of the global bitcoin mining industry powered by renewable energy rose by 1% to 58.5% in the fourth quarter of 2021, according to new data.

On January 18, the Bitcoin Mining Council (BMC) announced the results of its Q4 survey.

The study focused on three indicators: sustainable energy balance, technological efficiency and electricity consumption.

BMC was founded in May 2021, and is a voluntary global forum for bitcoin mining companies such as Bit Digital, BitFury, Bitfarms, Atlas Mining and other industry organizations.

Michael Saylor, Founder and CEO of MicroStrategy and a key member of BMC, commented:

“This quarter we saw a continuation of the significant energy efficiency and resistance trend of bitcoin mining driven by advances in semiconductor technology, the rapid expansion of mining in North America, China’s exit and the global turn towards sustainable energy and modern technology.
The voluntary survey collected information on sustainable energy from miners, who represent over 46% of the global Bitcoin network. According to the survey, members of the Rock Council also use electricity with a sustainable energy balance of 66.1%.

The data were then used to estimate the sustainable energy balance of the global bitcoin mining industry at around 58.5% during the fourth quarter, up one percentage point from the third quarter. The estimated technological efficiency of the industry also increased by 9% and amounted to 19.3 petahash per megawatt.

Core Scientific and BMC co-founder Darin Feinstein noted that BMC member segmentation increased by 77% in the fourth quarter.

See also: Georgians swore an oath to stop cryptocurrency mining

The environmental impact of bitcoin mining has been hotly debated for some time, and the US Congress is now preparing to take a comprehensive look at the energy impact of Proof of Work blockchains. The House’s Energy and Trade Committee just announced that key witnesses will testify about the energy and environmental impacts of cryptocurrency mining at a hearing on 20 January.

Key witnesses include BitFury CEO Brian Brooks, Cornell Institute of Technology Professor Ari Jewells and Soluna Computing CEO John Belizer.

Bitcoin miners are increasingly looking for sustainable energy sources as pressure from the public, shareholders and governments increases. Investors like Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, want to buy shares in mining companies for renewable energy.

One area that can be explored further is nuclear power. At the virtual Bitcoin & Beyond summit in early November, Griid VP Harry Sudok said that nuclear power can provide an opportunity to introduce large amounts of clean, zero-carbon energy.

Source: CoinTelegraph

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