The Bitcoin Mining Council confirms a constant improvement in sustainable power mix technological efficiency in Bitcoin mining.
The BMC released the first 2022 report on the state of the network and one of its most controversial aspects: energy consumption. The data in this report represents 50% of the BTC network.
This year’s results show that 64.6% of survey participants consume electricity from a sustainable electricity mix. This represents a 59% annual increase in the cryptocurrency’s sustainable energy portfolio, making the industry “one of the most sustainable in the world.”
??@FrankElderson: Crypto-assets such as #bitcoin have an enormous ecological footprint. Their estimated energy consumption is comparable to that of some countries. Authorities across the world need to see how this affects their sustainable finance roadmaps and take action #AskECB https://t.co/cWcC9nBMRS
— European Central Bank (@ecb) May 6, 2022
The latter fell 25% year-on-year. MicroStrategy CEO Michael Saylor presented the findings and claimed that BTC mining accounts for less than 0.1% of global energy consumption. Its CO2 emissions were reduced by 8 basis points (bps).
MicroStrategy CEO Michael Saylor presented the findings and claimed that BTC mining accounts for less than 0.1% of global energy consumption. Its CO2 emissions were reduced by 8 basis points (bps).
The 247 TWh in BTC mining seems to be getting smaller compared to other countries. China and the U.S. alone consume over 70,000 TWh. Sailor said:
“Critics would say it’s (BTC mining energy consumption) bigger than country B, but they always pick a country which is a tenth of a percent of the energy usage in the world to make it sound big (…).”
Sustainability: Bitcoin vs most of the countries
According to additional data provided by the BTC Mining Council, the industry has reached an unprecedented level of sustainability.
As shown in the chart below, BTC mining is more sustainable than the European Union (EU), the United States, and other major economies as measured by electricity structure.
The construction and financial insurance industries consume about 9,000 TWh, the aviation industry consumes 4,000 TWh, and the military-industrial complex consumes about 7,000 TWh.
Despite this data, BTC mining is still under attack from politicians, regulators, and the mainstream media.
The data suggests that the problem is not limited to energy consumption but may be more related to the ability of the network to remain independent of centralized actors.
The 247 TWh in BTC mining seems to be getting smaller compared to other countries. China and the U.S. alone consume over 70,000 TWh. Founded in 2021 as a voluntary global forum of major Bitcoin miners and MicroStrategy, the group publishes data in stark contrast to the vision of the network presented by mainstream media.
Since #Bitcoin miners have economic incentives to utilize renewable energy, their sustainable power mix is estimated to be 58% – almost three times higher than the world average.
— K33 Research (@K33Research) October 29, 2021
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