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Top Cryptocurrency News: BTC Mining Council: Sustainable Bitcoin mining energy hits 59.5 percent

20-Jul-2022 By: Rohit Tripathi
Top Cryptocurrency N

According to the most recent Q2 2022 report from the Bitcoin Mining Council, almost 60% of the electricity utilized to run Bitcoin mining machinery originates from environmentally friendly sources.

According to the BMC's Q2 analysis of the Bitcoin network, which was published on July 19, the global Bitcoin mining industry now uses 59.5 percent of sustainable energy, up from 2 percent in Q1 2022, making it "one of the most sustainable industries in the world."

The council noted a correlation between rising mining efficiency and miners' use of more sustainable energy. Q2 Bitcoin mining hashrate increased by 137 percent year over year, while energy consumption only increased by 63 percent, indicating a 46 percent gain in efficiency.

Additional details on the energy effectiveness of Bitcoin mining were revealed in the BMC's comprehensive report briefing with MicroStrategy CEO Michael Saylor, which was uploaded on YouTube on July 19. According to Saylor, during 2008, miners' energy efficiency has grown by 5,814%.

Additionally, it was discovered that Bitcoin mining used just 0.15 percent of the world's energy supply and created just 0.09 percent of the 34.8 billion metric tonnes (BMt) of carbon emissions that were anticipated to be produced globally.

Saylor pointed out in the briefing that predictions made by Bitcoin's critics concerning the network's energy consumption have thus far proven to be false. “For quite some time, it has been predicted that Bitcoin will consume all available electricity. Due to efficiency dynamics, neither it occurring nor is it likely to happen.”

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