Bitcoin, the flagship currency, is often at the heart of debates, particularly with regard to its energy footprint. However, the Bitcoin Mining Council (BMC) sets an example when it comes to sustainability. With 63% of its energy comes from renewable sourcesBMC, which represents 43% of the global mining network, is illustrated by a notable advance in the field.
Bitcoin Mining Council: At the crossroads of technology and sustainability
Faced with growing global concern about the environmental impact of human activities, Bitcoin Mining Council (BMC) unveiled notable advancements in the use of renewable energy and technological efficiency in Bitcoin mining.
According to a survey conducted by BMC for the first half of 2023, these advances reflect an unprecedented commitment to ecological responsibility in the bitcoin industry.
BMC statistics for the first half of 2023
Figures that speak for themselves
At the beginning of 2022, BMC represented a total hash rate of 24 PE. However, this value has grown by leaps and bounds to reach 158 pe in the second quarter of 2023, an impressive increase of 70% year-over-year for the first half of 2023. This dramatic growth has enabled BMC to represent 43.4% of the global Bitcoin mining network.
In addition, BMC members, spread across six continents, use electricity with a sustainable energy mix of 63.1%. This move contributes to a slight improvement in the sustainable power mix of the global bitcoin mining industry, which is now 59.9%.
Technological Efficiency and Network Stabilization: BMC Advances
Bitcoin’s ever-evolving global network continues to improve its technological efficiency. According to recent data, this efficiency has increased by approximately 24% year over year.
To put these numbers into perspective, this equates to an increase of 21.1 PE per gigawatt (GW) in the first half of 2022 to 26.1 PE per GW in the first half of 2023. This demonstrates a fundamental truth: as the Bitcoin network expands, it becomes more and more efficient.
Growing interest in limitation programs
2023 was also marked by a significant increase limiting actions. BMC members reported that Bitcoin mining operations worth 2.5 GW participated in limitation programs.
This initiative made it possible to reinject no less than 815 GWh of energy in local networks during periods of high demand. These actions not only show the ability of Bitcoin mining to help stabilize the power grid, but also its potential role as a buyer of last resort, especially in regions like the United States and Canada.
Source : cryptoslate