Bitcoin is finally moving away from what many consider its Achilles heel, its reliance on non-renewable sources of energy. According to the Bitcoin Mining Council’s latest quarterly survey, the bitcoin mining industry is increasing its dependence on electricity from sustainable sources, significantly reducing its dependence on non-renewables.
A Rapid Move Away From Non-Renewables
The Bitcoin Mining Council (BMC) is a voluntary forum of cryptocurrency mining companies, backed by Michael Saylor’s MicroStrategy Inc. The council, in its latest survey, revealed that the Bitcoin mining industry has made a rapid shift, moving away from non-renewable sources of energy. Instead, the survey revealed that the industry had increased its dependence on energy from sustainable sources, marking a drastic shift.
The mining industry registered a sustainable electricity mix of 58.4% in the period between January and March. This figure is a significant increase from 36.8% recorded a year earlier. According to the survey, these numbers represent a significant increase of 59% year on year.
An Increase In Energy Efficiency
The survey also revealed a significant increase in the energy efficiency of mining operations. Electricity consumption showed a decline of 25% over the past year, while the hash rate increased by 23%, rising from 164.9 to 202.1. These numbers represent an increase of 63% from the previous year.
The council further stated that significant gains from new technologies and an increased reliance on alternative sources of power such as wind and solar energy are fast, making Bitcoin mining one of the most sustainable industries in the world.
A Few Doubts Remain
Despite the euphoria around the report, it remains unknown how the Bitcoin Mining Council arrived at these numbers. The council was only constituted in June 2021, and it isn’t known how it reached the estimate of 36.8% for Q1 of 2021. Data was also self-reported by council members, who reported using 64.6% of sustainable energy.
The Bitcoin Mining Council’s report contradicts a peer-reviewed study by the scientific journal Joules. The report in Joules stated that mining had contributed to an increase of 17% in carbon emissions, thanks to operations carried out to sustain Bitcoin and its network. The journal also presented a detailed, industry-wide breakdown of energy consumption, which showed that Bitcoin is consuming 247 Terrawatt-hours (TWh) of energy.
Bitcoin has come under increasing flak thanks to it being highly energy-intensive and having a very high carbon footprint. The cryptocurrency has made efforts recently to move towards greener and more sustainable energy sources.
Sustainable Energy Powering Majority Of Bitcoin Mining Industry
Back in October 2021, a survey conducted by the same Bitcoin Mining Council showed that the Bitcoin mining industry is powered by a higher mix of sustainable energy than any major industry or country. The findings were published in the Global Bitcoin Mining Data Review Q3, 2021, and showed that over half the energy consumed by Bitcoin is sourced sustainably.
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Source: https://cryptodaily.co.uk/2022/04/bitcoin-moving-to-greener-pastures-60-percent-of-mining-is-now-sustainable