The global Bitcoin (BTC) mining industry had a sustainable electricity mix of 59.5% during the second quarter of the year, or slightly up compared with the first quarter, according to the latest quarterly survey conducted by the Bitcoin Mining Council.
The survey, which collected data from over 50% of the global Bitcoin mining network, representing 107.7 exahash (EH), said that,
“The members of the [Bitcoin Mining Council] and participants in the survey are currently utilizing electricity with a 66.8% sustainable power mix.”
It is, therefore, estimated that the global bitcoin mining industry’s sustainable electricity mix is now 59.5%, and that it had increased some 6% between Q2 2021 and Q2 2022. This, said the Council, makes it “one of the most sustainable industries globally.”
Also, it is estimated that the global Bitcoin Network’s technological efficiency grew by 46% year-on-year, from 14.4 EH per gigawatt (GW) in the second quarter of 2021 to 21.1 EH per GW in the second quarter of this year.
The Bitcoin Mining Council is a voluntary forum of crypto mining companies spearheaded by MicroStrategy CEO and Bitcoin maximalist Michael Saylor. They said that the council’s membership hashrate increased to 108 EH in Q2 2022, representing 50.5% of the global Bitcoin mining network.
“In the second quarter of 2022, the hashrate and related security of the Bitcoin Network improved by 137% year-on-year while energy usage only increased 63%,” Saylor said and added:
“We observed a 46% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide adoption of sustainable energy and modern bitcoin mining techniques.”
In an accompanying briefing, Saylor also said that Bitcoin mining accounts for just 0.09% of the 34.8 billion metric tons (BMT) of carbon emissions estimated to be produced globally and consumed less than 0.15% of the global energy supply.
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