Bitcoin Mining Using Sustainable Power Reaches 64% as per Latest Report

• The mining sector is eager to prove that it has adopted cleaner energy sources.
• Michael Saylor, CEO of MicroStrategy, is also a member.

This year, the Bitcoin (BTC) mining business raised its sustainable energy mix by around 59 percent to become more environmentally friendly over the same period last year. One-fifth of the Bitcoin network, or 100.9 exahashes, is claimed by 44 Bitcoin mining businesses that make up the Bitcoin Mining Council (BMC). Its conclusions were detailed in a new report issued on Monday. Michael Saylor, CEO of MicroStrategy, is also a member.

Multiple Sustainable Energy Sources

Recent BMC member company surveys sought to learn how much power their businesses used, what proportion was produced by hydro, wind, solar, nuclear, or other geothermal sources, and the hash rate of their operations.

Global mining’s sustainable power mix for the top crypto is currently 58.4 percent, according to the BMC’s assessment, which is down 0.1 percent from the previous quarter. Additionally, this is an enormous leap from Q1 2021’s forecast of 36.8 percent renewables. However, since the BMC was just established in June 2021, it is unclear how it arrived at the 36.8% renewable energy value anticipated in the first quarter.

Based on self-reported information from BMC members, a sustainable power mix of 64.6% was found in the latest research. The data from BMC members were used to estimate worldwide Bitcoin mining numbers. In light of Bitcoin’s criticism for its high energy consumption and carbon impact, the mining sector is eager to prove that it has adopted cleaner energy sources or byproducts that would otherwise be squandered.

According to the analysis, worldwide Bitcoin mining activities utilize 247 terawatt-hours (TWh), less than half of what gold mining operations use and 0.16 percent of overall global energy use. In addition, the report breaks down the anticipated energy usage by industry.