Sustainable Energy Mix Rose By 59% In A Year Among BTC Mining Firms: Here’s Why 

bitcoin mining

With the increase in the sustainable energy mix by around 59% year over year, the adoption of green energy has also increased among Bitcoin(BTC) mining companies.

The Bitcoin Mining Council (BMC) consists of 44 Bitcoin mining companies and claims to take a share of 50% of the global Bitcoin network, or 100.9 exahash (EH). On Monday, it released a new report along with its findings. While the MicroStrategy Founder Michael Saylor leads the group.

In the recent BMC survey, the companies were asked questions about electricity consumption and the share of hydro, wind, solar, nuclear, or geothermal sources in electricity generation. 

According to BMC analysis, the sustainable electricity mix of the global mining industry for the top crypto is currently  58.4%, a decrease of  0.1% since last quarter. However, it’s significant to note that there is a notable increase from 36.8% renewables predicted in the first quarter of 2021.

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Interestingly, the estimation of 36.8% worth of renewables is Q1 2021, while the BMC was established in only June 2021.

BMC members themselves reported the data from the latest report, according to which they are using electricity with a 64.6% sustainable power mix.

It is also interesting to note that the data from the recent report is in stark contrast to a study published in the scientific journal Joules in February. That report reveals that the contribution of crypto mining to carbon emissions generated through operations to sustain the Bitcoin network has increased by 17%. 

The report further dissects the total estimated energy usage by industry, stating that global Bitcoin mining operations utilize 247 terawatt-hours (TWh), almost 50% less than the consumption by global mining operations and around  0.16% in comparison to the total energy usage of the world.

Electricity consumption by the industry has reduced by 25% in the past 12 months; meanwhile, there is an increase of 23% in hash rate from 164.9 to 202.1, amounting to a 63% rise in mining efficiency in the last year since Q1 2021. According to BMC, in the last eight years, Bitcoin mining has become 5,814%  more efficient.