• Is Bitcoin relocating to greener pastures? 60% of mining is now sustainable

  • Bitcoin is finally moving away from what many regard as its Achilles’ heel: its dependency on nonrenewable energy sources. According to the Bitcoin Mining Council’s most recent quarterly report, the bitcoin mining sector is growing its reliance on renewable energy while decreasing its reliance on non-renewables.

    A Rapid Exodus from Non-Renewables

    The Bitcoin Mining Council (BMC) is a non-profit organization supported by Michael Saylor’s MicroStrategy Inc. According to the council’s most recent survey, the Bitcoin mining industry has made a swift shift away from non-renewable energy sources. Instead, the poll found that the industry had grown its reliance on energy from sustainable sources, indicating a significant shift.

    Between January and March, the mining industry had a sustainable electricity mix of 58.4 percent. This is a considerable improvement over the 36.8 percent recorded a year ago. According to the poll, these figures reflect a 59 percent increase year over year.

    An Improvement in Energy Efficiency

    The report also demonstrated a significant improvement in mining operations’ energy efficiency. Over the last year, electricity consumption fell by 25%, while the hash rate grew by 23%, climbing from 164.9 to 202.1. These figures show a 63 percent rise over the previous year.

    The council also claimed that considerable benefits from new technology and a greater reliance on alternative energy sources such as wind and solar energy are occurring quickly, making Bitcoin mining one of the world’s most sustainable sectors.

    Some Doubts Remain

    Despite the excitement around the news, it is unclear how the Bitcoin Mining Council arrived at these figures. The council was only formed in June 2021, and it is unclear how it arrived at the projection of 36.8 percent for the first quarter of 2021. Council members self-reported using 64.6 percent sustainable energy, according to the data.

    The announcement by the Bitcoin Mining Council contradicts a peer-reviewed study published in the scientific journal Joules. According to the Joules analysis, mining has contributed to a 17 percent increase in carbon emissions as a result of operations carried out to support Bitcoin and its network. The magazine also provided a detailed, industry-wide breakdown of energy use, revealing that Bitcoin consumes 247 Terrawatt-hours (TWh).

    Bitcoin has come under growing scrutiny as a result of its high energy consumption and high carbon footprint. Recently, the cryptocurrency has made steps to transition to greener and more sustainable energy sources.

    The majority of the Bitcoin mining industry is powered by sustainable energy.

    A survey conducted by the same Bitcoin Mining Council in October 2021 revealed that the Bitcoin mining business is fueled by a larger mix of sustainable energy than any other significant industry or country. The findings, which were released in the Global Bitcoin Mining Data Review Q3, 2021, revealed that more over half of the energy used by Bitcoin is obtained sustainably.

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