According to the Bitcoin Mining Council’s most recent Q2 2022 report, almost 60% of the electricity used to power Bitcoin mining equipment comes from green sources (BMC).
In its Q2 review of the Bitcoin network, released on July 19, the BMC found that the worldwide Bitcoin mining industry’s use of renewable power is up 6 percent from Q2 2021 and 2 percent from Q1 2022, reaching 59.5 percent in the most recent quarter. The BMC called it “one of the most sustainable industries in the world.”
The council saw a link between miners using more sustainable energy and getting better at what they do.
Hashrate for mining Bitcoin went up by 137% in Q2 compared to last year’s last year, but energy use only went up by 63%. This means that mining Bitcoin is now 46% more efficient.
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Michael Saylor Gives Us More Information About the Report
On July 19, the BMC’s complete report briefing with MicroStrategy CEO Michael Saylor, which was posted on YouTube, gave more information about how Bitcoin mining uses energy. Saylor said that, compared to eight years ago, miners now use 5,814 percent less energy than they did then.
Also, it was shown that Bitcoin mining used only 0.15 percent of the world’s energy and produced only 0.09 percent of the 34.8 billion metric tons (BMt) of carbon emissions that are expected to be made globally.
In Q2 2022, #Bitcoin mining efficiency surged 46% YoY, and sustainable power mix reached 59.5%, above 50% for the 5th quarter in a row. The network was 137% more secure YoY, only using 63% more energy. It is hard to find an industry more clean & efficient.https://t.co/gqYn8qew9R
— Michael Saylor⚡️ (@saylor) July 19, 2022
Saylor said in the briefing that the predictions made by Bitcoin’s critics about how much energy the network would use have not come true so far.
“It’s been said that bitcoin will use all of the available electricity for a long time. Efficiency dynamics make sure that doesn’t happen and won’t happen.”
Fred Thiel, CEO of Marathon Digital Holdings, says that efficiency in mining is part of a “virtuous cycle” that will make the industry “more and more energy efficient.”
“Because energy is one of our most important costs, all of the efficiency gains focus on how we use it. As energy prices go up, we have to become more efficient.”
Price of Bitcoin Going Up Getting the Network to Work Better
According to the analysis, the rise in the price of Bitcoin (BTC) has made networks much more efficient at using energy. This is clear from the fact that efficiency has increased dramatically over the past eight years.
As the price of ASIC mining equipment increases, so does its demand, encouraging device makers to make new ones. Because more profitable and cost-effective technologies push out less profitable ones, the industry gets better at what it does.
The data for the report came from members of the BMC, who control 50.5% of the world’s Bitcoin mining hash power.
Lawmakers in the US have noticed how much electricity is used to mine Bitcoin.
Last week, six US politicians, including Senator Elizabeth Warren, sent a letter to the Energy Department (DOE) and the Environmental Protection Agency (EPA). They asked mining companies to report their emissions and energy use.
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