Mining BTC uses more than 50% of renewable energy
Even though mining Bitcoin has been harmful to the environment since people started doing it, just like any other industry
Mining BTC is usually highly frowned upon due to the vast amount of energy it needs and its impact on the environment. Nonetheless, according to the Bitcoin Mining Council studies, 58.5% of the energy used to mine BTC in the last quarter of 2021 was created through renewable energy.
This report is usually created at the end of each quarter of the year to track how the mining industry keeps evolving in more sustainable ways. Thus, ensuring all activities are done in the most eco-friendly way. Keep reading this article to find out everything about it.
The Study by the BMC
The Bitcoin Mining Council is a voluntary global forum integrated by mining companies and other entities from the Bitcoin ecosystem and has its headquarters in Austin, Texas.
You can read the study where all the aspects of energetical consumption, technology efficiency, and renewable energy usage in mining are detailed.
In order to create this report, the BMC gathered data from more than 46% of the Bitcoin network’s participants in the world. Out of all the companies that participated in the interview, over 66% claimed to use some sort of renewable energy in their activities.
Therefore, the BMC concluded that the usage of renewable energy in Bitcoin mining activities is 58.5%, representing an increment of 1% compared to the third quarter of 2021.
Nonetheless, this statistic represents less than half of Bitcoin miners in the whole network, and most of them are American miners. Therefore, it doesn’t describe the current state of the industry. Hopefully, soon the BMC may be able to collect global data that confirms the real state of the mining industry.
In 2019, hydroelectricity usage for mining purposes was near 75%. However, most of the miners were based in China. When Chinese miners migrated from their country, this practice stopped and harmed the industry’s sustainability.
It is essential to point out that even after knowing this data isn’t a 100% accurate representation of the industry, the percentage of renewable energy is still higher than any other important country or industry in the world.
How to Efficiently Mine Bitcoin
According to the study issued by the BMC, Bitcoin mining hasn’t only improved in a matter of usage of renewable energy, but it has also become more technologically efficient.
This index increased by 9% compared to the previous quarter, as it showed a processing power of 19.3 H/S. Michael Saylor, CEO of Microstrategy and member of the BMC, commented that he had witnessed all the constant and dramatic upgrades in the efficiency and sustainability of Bitcoin mining during the last quarter.
He also thinks that part of this change is due to the technological advancement in electricity semiconductors, the rapid expansion of mining throughout the U.S, the massive migration of miners from China, and the change towards renewable energies and modern mining techniques.
This study helped see the Bitcoin mining industry in a more favorable light. Nonetheless, we can also attribute these changes to the fact that the network’s processing power has been in constant increase for the past few months, even during the era of the most difficult mining in history.
Even though mining Bitcoin has been harmful to the environment since people started doing it, just like any other industry, it has been evolving into more sustainable methods. The BMC makes sure that these changes keep happening in the industry to continue growing and open more opportunities for everyone involved.
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