According to estimates from the Bitcoin Mining Council (BMC), the use of sustainable energy in Bitcoin (BTC) mining reached 59.5 percent globally in Q2 2022, an increase of 6 percent year over year from Q2 of last year.
BMC is a voluntary international forum of businesses involved in Bitcoin, including mining, which accounts for 50.5% of the Bitcoin mining network.
With the assistance of some of the biggest Bitcoin mining companies and MicroStrategy, led by CEO Michael Saylor, it was founded in May 2021. The largest corporate Bitcoin holder is Microstrategy.
The calculations are based on the findings of the BMC’s Q2 2022 survey, which showed that 66.8% of the energy used by BMC members and survey respondents was sustainable.
The results of the survey also revealed that the mining sector’s efficiency increased by 46% from 14.4EH per gigawatt (GW) in Q2 2021 to 21.2 EH per GW in Q2 of this year.
This is due to an increase in efficiency as the hashrate increased by 137 percent year over year while energy consumption increased by 63 percent. The amount of computing power that is being contributed to the network is represented by hashrate; the higher the hashrate, the more secure the network.
Saylor stated that the efficiency of the Bitcoin mining industry has increased 5,814 percent in comparison to eight years ago in a briefing on the survey’s findings posted on YouTube. He stated:
“People have been predicting that Bitcoin was going to use up all the energy in the world for quite a while. That’s not happening and it’s not going to happen because of the efficiency dynamics.” The CEO of Marathon Digital Holdings, Fred Thiel, stated during the briefing that as the mining sector expands, so will its effectiveness.
To read our blog on “Despite lower mining difficulty, Bitcoin miners face harsher conditions,” click here