There is no denying that over the past few years, the narrative that Bitcoin consumes too much electricity has continued to gain mainstream traction. However, in recent months, more and more Bitcoin miners have turned to renewable energy.
Look at these “green” stats
MicroStrategy Founder and CEO Michael Saylor recently shared a recent survey conducted by the Bitcoin Mining Council (BMC). According to its Q4 findings, there was an improvement in ‘Combining Sustainable Energy and Technological Efficiency’.
Here, it should be pointed out that BMC is a voluntary global forum of Bitcoin miners such as Bit Digital, BitFury, Bitfarms and Atlas Mining, among others in the industry.
Q4 #Bitcoin Mining Council survey confirms improvements in technology efficiency and sustainable power mix. The share of sustainable energy mix is estimated at 58.5%. Join us at 5pm ET today for a full press conference.https://t.co/t1gTZV9GtT
– Michael Saylor⚡️ (@saylor) January 18, 2022
Furthermore, according to the findings of the aforementioned survey, the global Bitcoin mining industry powered by renewable energy increased from 1% to 58.5% by Q4 of 2021. These findings are gathered from Miners make up more than 46% of the global Bitcoin network. In fact, 66.1% of respondents harnessed electricity with a sustainable energy mix.
These statistics are impressive, especially when compared to the third quarter of the same year. The industry’s estimated technology efficiency increased 9% from Q3 to 19.3 petahash per MW.
Core Scientific and BMC co-founder Darin Feinstein noted that the hashrate of participating BMC members increased by 77% in Q4.
Meanwhile, Saylor, a key member of BMC, opined,
“During this quarter, we have seen the trend continue with significant improvements to the energy efficiency and sustainability of Bitcoin mining operations due to advances in semiconductor technology, the rapid expansion of of mining in North America, China Exodus and the worldwide rotation towards sustainable energy and modern mining techniques.”
However, these findings are not entirely surprising. The environmental impact of Bitcoin mining will, for many people, be the biggest nail in its coffin. That is why Bitcoin miners are looking for sustainable energy sources.
In fact, recently, Erik Thedéen, Vice President of the European Securities and Markets Authority, re-emphasized the need to ban POW mining. The CEO stated,
“The ban on proof-of-work mining in the EU could be an important first step in a global move towards greater use of more energy-efficient crypto mining methods. . It also means that our renewable energy is used as efficiently as possible to support the transition towards climate neutrality.”
Needless to say, despite recent advances, opposition to such mining practices is as strong as ever.