A recent survey shows that despite being energy-intensive, the global BTC mining industry is powered by a higher mix of sustainable energy than any major country or industry.

65.9% Of BMC Sustainably-Powered

The survey mentioned above was conducted by the Bitcoin Mining Council (BMC), which consists of 29 companies that comprise 33% of the global network. It is a voluntary association of Bitcoin miners, founded in May 2021 with support from notable Bitcoin mining companies like MicroStrategy and its CEO, Michael Saylor.

The council recently published the findings of the Global Bitcoin Mining Data Review Q3 2021, which indicated that more than half the electrical energy consumed by the Bitcoin industry is sustainable-sourced. According to the results, the members of the BMC and participants in the survey are currently utilizing electricity with a 65.9% sustainable energy mix. 

Global Bitcoin Mining Follows Sustainability Trend

The previous survey conducted by the BMC in Q2 of 2021 had shown similar results. Back then 56% of the industry had opted for sustainable energy sources to power their mining activities, making it one of the most sustainable industries globally. The trend followed into the global BTC mining industry in Q3, with a 3% increase in the sustainable electricity mix. 

With an estimated 57.7% of the industry now running on energy sources like hydro, wind, solar, nuclear, geothermal, and carbon-based generation with net carbon credits, it is the highest sustainable energy mix compared to any major country or any other industry. 

The report explicitly pointed out, 

“Based on this data it is estimated that the global mining industry’s sustainable electricity mix had grown to approximately 57,7%, during Q3 2021, up 3% from Q2 2021, making it one of the most sustainable industries globally.”

China Ban Contributed To Industry Restructuring 

The migration to sustainable energy sources has become a global phenomenon for BTC mining operations everywhere. The restructuring was partly influenced by China’s crypto ban in May, which cited environmental concerns associated with BTC mining. Discussions in the crypto community, especially through social media platforms, further spotlighted the energy-intensive mining process that was holding the industry back. Crypto community members and experts have long since spoken up about the need for BTC mining to figure out a more sustainable alternative. 

According to Microstrategy CEO Michael Saylor, 

“This quarter we saw dramatic improvements to Bitcoin mining energy efficiency and sustainability due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and worldwide rotation toward sustainable energy and modern mining techniques.” 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Credit: Source link