Bitcoin mining becomes more sustainable: Mining Council’s Q4 survey

According to new data, the percentage of Bitcoin mining that runs on renewable energy increased by 1% to 58.5 percent in the fourth quarter 2021.

The Bitcoin Mining Council (BMC), announced its findings from its fourth quarter survey Jan. 18.

The survey was focused on three metrics: sustainability power mix, technological efficiency, and electricity consumption.

Survey by #Bitcoin Mining Council confirms improvements in sustainable power mix and technological efficiency. The estimated sustainable energy mix was 58.5%. Join us at 5pm ET today for a full briefing.https://t.co/t1gTZV9GtT
Michael Saylor (@saylor), January 18, 2022

The BMC was founded in May 2021. It is a voluntary forum for Bitcoin mining companies like Bit Digital, BitFury and Bitfarms.

Michael Saylor, founder and CEO of MicroStrategy and a key member to the BMC, was:

“This quarter saw the trend continue with dramatic improvements in Bitcoin mining energy efficiency and sustainability due to advances made in semiconductor technology, North American mining expansion, the China Exodus and worldwide shift toward sustainable energy and modern mining technologies.

This voluntary survey collected sustainable energy information from miners who account for over 46% of the global Bitcoin network. The survey revealed that the Mining Council members harness electricity using a sustainable energy mix of 66.11%.

The self-reported data were used to calculate the global Bitcoin mining industry’s sustainable energy mix at approximately 58.5% in Q4. This is a one percentage point increase over Q3. Also, the industry’s technological efficiency was up 9% to 19.3 petahash/MW.

Darin Feinstein, co-founder of Core Scientific & the BMC, noted that the hashrate of participating members of the BMC increased by 77% during Q4.

Related: Georgian citizens swear an oath not to mine crypto

Since Bitcoin mining has been a hot topic for some time, the U.S Congress is currently preparing to examine the energy impact of Proof of Work blockchains. Just recently, the House Committee on Energy and Commerce announced key witnesses who will testify on January 20th about the environmental and energy impacts of crypto mining.

Notable witnesses include BitFury CEO Brian Brooks, Cornell Tech Professor Ari Juels, and Soluna Computing CEO John Belizaire.

As the public, shareholders, and governments press for more sustainable energy sources, Bitcoin miners are looking to find them. Shark Tank star Kevin O’Leary (also known as Mr. Wonderful say they want to buy stocks of sustainable energy-using mining companies.

Nuclear energy is one avenue that could be further explored. In November, Vice President of Griid Harry sudock stated that nuclear energy could be a way to bring large amounts of clean and carbon-free energy.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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