Sustainable Bitcoin Mining Power Mix Hits 59.5%

EU Parliament Nods to Crypto Mining for MICA Law
  • The share of renewable energy used for Bitcoin mining has increased to 59.5%.
  • The BTC Mining Council is also working on increasing transparency in the Bitcoin mining industry.
  • More information on the energy efficiency of Bitcoin mining was shared in the BMC’s YouTube briefing.

According to a report from the BTC Mining Council, the share of renewable energy used for Bitcoin mining has increased to 59.5%. This is a significant increase from the group’s last report in March when the renewable energy mix was at just 42%.

The council, which was formed earlier this year by some of the biggest names in the Bitcoin mining industry, including BitFarms, Argo Blockchain, and Blockcap, is committed to increasing the use of renewable energy for Bitcoin mining. According to the report, the increase in the use of renewable energy is due to a number of factors, including an increase in the availability of clean energy, and a decrease in the cost of renewable energy.

Source: Bitcoin Mining Council

The BTC Mining Council is also working on increasing transparency in the Bitcoin mining industry and is currently working on a voluntary disclosure program for miners. The program will allow miners to disclose their energy mix and the carbon intensity of their operations.

The goal of the program is to create a more level playing field for miners and to make it easier for investors to make informed decisions about where to invest their money. The BTC Mining Council is hopeful that the voluntary disclosure program will lead to a more sustainable Bitcoin mining industry, and that it will eventually be adopted by all miners.

Binance has released its full report, which will include more details about the energy efficiency of Bitcoin mining. Saylor said that miners’ energy efficiency has improved by 5,814% since 2008. More information on the energy efficiency of Bitcoin mining was shared in the BMC’s YouTube briefing of its full report on Tuesday, with MicroStrategy CEO Michael Saylor.

“The Bitcoin network is now consuming less energy than ever before and is more efficient than VISA, Mastercard, PayPal, and all fiat banking systems,” Saylor said in the YouTube briefing. “As more people around the world adopt Bitcoin, its energy consumption will continue to fall.”

According to The Conversation, Bitcoin mining produced 0.09 percent of the world’s 34.8 billion metric tons (BMT) of carbon emissions and used just 0.15 percent of the global energy supply in 2016 -around a quarter of a percent in each department. The article argues that Bitcoin mining’s total emissions are “comparable to those of a small country like Luxembourg.”

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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