The Bitcoin Mining Council (BMC) was established in May 2021. It is a voluntary global forum for Bitcoin mining companies such as Atlas Mining and Bitfarms.
In its latest fourth-quarter findings, the BMC noted that the percentage of global Bitcoin mining using renewable energy increased significantly from 1% to 58.5% in the fourth quarter of 2021. The study was based on three key parameters: technological efficiency, electricity consumption and a sustainable energy mix. This was confirmed by Microstrategy founder and CEO and key BMC member, Michael Saylor.
Bitcoin Mining Council Q4 study confirms improved sustainable energy mix and technology efficiency. The estimated balanced energy mix is 58.5%.
According to the report, sustainable energy accounts for over 46% of all Bitcoin mining. Council members are also actively leading this movement. Indeed, 66.1% of them use electricity on the basis of a balanced energy mix. According to the report, the self-presentation data used to estimate the sustainable energy mix of the global Bitcoin mining industry was 58.5% in the fourth quarter of 2021. This represents an increase of one percentage point. compared to third quarter data. Technological efficiency also increased by 9% to 19.3 petahash per MW.
Members of the Bitcoin Mining Council participate in the project
Darin Feinstein, co-founder of Core Scientific and BMC, found participating board members grew 77% in the fourth quarter of 2021. Michael Saylor said :
“This quarter has seen a continuation of the trend with dramatic improvement in energy efficiency and sustainability in bitcoin mining, due to advances in semiconductor technology, rapid expansion of mining in North America, the exodus from China and a global shift to sustainable energy and modern mining techniques.”
These revelations were appreciated by the crypto community. Previously, environmental activists raised serious concerns about the proof-of-work algorithm [proof-of-work] used in bitcoin mining.
Moreover, despite the debate over the environmental impact of Bitcoin mining, the US Congress will once again consider the issue. In a recent report, the House Energy and Commerce Committee unveiled key witnesses who will speak on the energy and environmental impact of cryptocurrency mining. The hearing is scheduled for January 20. Among them are John Belizaire, CEO of Soluna Computing, Ari Juels, professor at Cornell Tech, and Brian Brooks, CEO of BitFury.
Many BTC miners have been forced to look for sustainable energy sources, with investors threatening to boycott any further action and buy those whose company uses renewable energy.
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