The Bitcoin Mining Council has published a report on sustainable energy usage in the Bitcoin mining industry.
The BMC report indicates that the mining industry’s sustainable electricity mix grew to 56% during 2021.
Some have questioned whether BMC’s statistics are accurate.
Share this article
The Bitcoin Mining Council, an open forum of companies in the crypto mining industry, has published a report stating that more than half of Bitcoin mining is based on renewable energy.
More Than Half of Mining Is Sustainable
The Bitcoin Mining Council surveyed one-third of the global Bitcoin mining industry. Firms that participated in the survey were found to use energy with a 67% sustainable power mix.
Based on this, BMC estimates that the industry-wide sustainable electricity mix has grown to 56% in 2021.
The report is the first publication from the Bitcoin Mining Council, which was founded in May. Participating members include Bitfury, Galaxy Digital, Marathon, Hive, Riot, Hut8, and others.
Microstrategy CEO Michael Saylor, who organized BMC, wrote today that he is “pleased to see” the Bitcoin mining industry unite and provide useful information to policymakers and correct misconceptions about Bitcoin mining’s energy usage.
Saylor added that he hopes this will be the “the first quarterly release of many.” He concluded: “Just because the Bitcoin network is decentralized doesn’t mean it needs to be disorganized.”
How Will the Crypto Industry Respond?
The 56% renewable energy milestone is notable because Tesla CEO Elon Musk has stated that he would reintroduce Bitcoin payments at Tesla when there is “confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.”
It is likely that Musk is aware of today’s report, as he acknowledged that he had spoken with the group in May.
Others have questioned the accuracy of BMC’s data. Nic Carter of Coin Metrics noted that critics “would attack BMC over its extrapolation” that the global mining industry is 56% sustainable even though it gathered data largely from Western companies. However, he acknowledged that BMC has succeeded in collecting bottom-up data on the industry for the first time.
Earlier findings from Cambridge’s CCAF in 2020 provided widely-cited statistics on mining. Those numbers suggest that 39% of the energy used in the total Bitcoin hashrate is from renewable energy, and that 76% of miners use renewables in their energy mix.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
ASIC Manufacturer Canaan Inc. Launches Bitcoin Mining Farm in Kazakhst…
NASDAQ-listed ASIC mining manufacturer Canaan Inc. plans to accumulate Bitcoin directly and optimize its revenue streams by expanding into self-hosted mining operations. Canaan Inc. Expands to BTC Mining The Chinese…
Sichuan Orders Shutdown on 26 Bitcoin Mining Farms
Sichuan’s government has passed an order to shut down 26 Bitcoin mining farms. The order also calls for inspections of other farms in the region. Sichuan Calls End to Bitcoin…
What is Kusama? How Polkadot’s playground accommodates blockchain de…
Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same…
Genesis Orders More Bitcoin Mining Rigs From Canaan
Genesis Digital Assets has confirmed a follow-up order for 10,000 additional mining hardware with Chinese manufacturer Canaan. Genesis Ramps Up Expansion Canaan has sold another batch of Bitcoin mining machines…