ESG Analyst Daniel Batten Reveals Dynamic Charts Showing Bitcoin’s 52.6% Sustainable Energy Use

March 9, 2023 Bitcoin.com

Sustainable Bitcoin mining power mix hits 59.5%: BTC Mining Council

July 20, 2022 Coin Telegraph

BMC

The latest Q2 report also details how energy efficiency among Bitcoin miners is on the rise.

Nearly 60% of the electricity used to power Bitcoin mining machines comes from sustainable sources, according to the latest Q2 2022 report from the Bitcoin Mining Council (BMC).

In its Q2 review of the Bitcoin network released on July 19, the BMC found that the global Bitcoin mining industry's use of sustainable energy is up 6% from Q2 2021 and up 2% from Q1 2022, reaching 59.5% in the latest quarter — adding that it is “one of the most sustainable industries globally.”

The council observed the increase in miners' sustainable energy mix has also coincided with an increase in mining efficiency.

Q2 Bitcoin mining hashrate is up 137% year-on-year, while energy usage is only up 63%, demonstrating an efficiency increase of 46%

Further details about the energy efficiency of Bitcoin mining were shared in the BMC’s YouTube briefing of its full report on July 19 with MicroStrategy CEO Michael Saylor. Compared to eight years ago, Saylor said miners’ energy efficiency has grown 5,814%

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

It also found that Bitcoin mining accounted for just 0.09% of the 34.8 billion metric tons (BMt) of carbon emissions estimated to be produced globally and consumed just 0.15% of the global energy supply.

Saylor noted in the briefing that Bitcoin’s detractors’ predictions about the network’s energy use have so far not been accurate.

“People have been predicting that Bitcoin was going to use up all the energy in the world for quite a while. That’s not happening and it’s not going to happen because of the efficiency dynamics.”

During the same briefing, Marathon Digital Holdings CEO Fred Thiel stated that mining efficiency is part of a “virtuous cycle” that will see the industry become “more and more energy efficient.”

“The efficiency gains are 100% focused on energy consumption because energy is our key input cost. As energy prices go up, it forces us to become more efficient.”

The report outlined how the rising Bitcoin (BTC) price has been driving network energy efficiency, as evidenced by the sharp increase in efficiency over the past eight years.

As price increases, ASIC mining device demand increases, which fuels device innovation. More efficient devices are more cost effective and profitable, forcing less profitable ones to drop out of the market, thereby making the entire industry more efficient.

Data from the report was derived from members of the BMC, which comprise 50.5% of the world’s Bitcoin mining hash power.

U.S. lawmakers have been particularly interested in the state of the Bitcoin mining energy consumption in the country.

Last week, six U.S. lawmakers, including Warren sent a letter to the Environmental Protection Agency (EPA) and Energy Department (DOE), asking the agencies to require mining companies to report on their emissions and energy use.

Sustainable energy usage for BTC mining grows nearly 60% in a year

April 26, 2022 Coin Telegraph

Bitcoin mining

The latest Bitcoin Mining Council report showed that the mining industry is rapidly adopting sustainable energy sources to secure the largest crypto blockchain.

Bitcoin (BTC) mining companies are further adopting green energy as the global Bitcoin mining industry increased its sustainable energy mix by approximately 59% year over year.

The Bitcoin Mining Council (BMC) is group of 44 Bitcoin mining companies claiming to represent 50% of the global Bitcoin network, or 100.9 exahash (EH). It released a new report on Monday April 25 with the findings. The group is also fronted by Bitcoin proponent and MicroStrategy CEO Michael Saylor.

The latest survey of BMC member companies questioned how much electricity their companies consumed, what percentage of that electricity is generated by hydro, wind, solar, nuclear or geothermal sources, and what the hash rate of their operations were.

The BMC estimates the global mining industry’s sustainable electricity mix for the top crypto is now 58.4% which is a fall of 0.1% from last quarter. Perhaps more importantly, it's significant growth from the 36.8% renewables estimated in Q1 2021.

Its worth noting however that the BMC only formed in June 2021, so it is not exactly clear how it formulated the 36.8% worth of renewables estimated in Q1 2021.

Data for the new report, which was self-reported from BMC members, showed they were utilizing electricity with a 64.6% sustainable power mix. The figures for global Bitcoin mining was estimated from the data from BMC members.

Bitcoin has come under fire for its heavy energy usage and high carbon footprint, and the mining industry is keen to show its adoption of using greener energy sources or byproduct wasted from other operations to combat the criticism.

The figures provided by BMC contradict a February study published in the scientific journal Joules which highlighted that the Chinese ban on crypto mining contributed to a 17% increase in the carbon emissions produced by operations to sustain the Bitcoin network.

The report breaks down the total estimated energy usage by industry, alleging that global Bitcoin mining operations use 247 terawatt-hours (TWh), less than half of what gold mining operations consume, and 0.16% when compared to the world’s total energy usage.

*Global Bitcoin mining vs other industries*

Bitcoin mining efficiency is improving

The results on the self-reported electricity consumption and company hash rates seemingly show that mining efficiency has increased.

Over the past 12 months electricity consumption by the industry decreased by 25%, whilst the hash rate increased by 23% from 164.9 to 202.1, equaling a 63% increase of mining efficiency in the last year since Q1 2021. The BMC alleges Bitcoin mining is 5,814% more efficient than it was eight years ago.

Bitcoin mining becomes more sustainable: Mining Council’s Q4 survey

January 19, 2022 Coin Telegraph

Bitcoin

“This quarter we saw the trend continue with dramatic improvements to Bitcoin mining energy efficiency and sustainability,” said the Founder and CEO of MicroStrategy Michael Saylor.

The percentage of the global Bitcoin mining industry running on renewable power increased by 1% to 58.5% in the fourth quarter of 2021 according to new data.

The Bitcoin Mining Council (BMC) announced the findings of its fourth quarter survey on Jan. 18.

The survey focused on three metrics: sustainable power mix, technological efficiency and electricity consumption.

Q4 #Bitcoin Mining Council Survey Confirms Improvements in Sustainable Power Mix and Technological Efficiency. Estimated sustainable energy mix was 58.5%. Join us at 5pm ET today for a full briefing.https://t.co/t1gTZV9GtT
— Michael Saylor⚡️ (@saylor) January 18, 2022

Founded in May 2021, the BMC is a voluntary global forum of Bitcoin mining companies such as Bit Digital, BitFury, Bitfarms and Atlas Mining, and other industry organizations.

Michael Saylor, the Founder and CEO of MicroStrategy, and a key member of the BMC noted:

“This quarter we saw the trend continue with dramatic improvements to Bitcoin mining energy efficiency & 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.”

The voluntary survey compiled sustainable energy information from miners accounting for more than 46% of the global Bitcoin network. According to the survey, the members of the Mining Council itself are harnessing electricity with a sustainable energy mix of 66.1%.

The self-reported data was then used to estimate the global Bitcoin mining industry’s sustainable energy mix was approximately 58.5% during Q4, an increase of one percentage point on Q3's figure. The industry’s estimated technological efficiency grew by 9% as well, to 19.3 petahash per MW.

Co-founder of Core Scientific and the BMC Darin Feinstein noted that the hashrate of the BMC participating members increased by 77% in Q4.

The environmental impacts of Bitcoin mining have been heatedly debated for some time and U.S Congress is now preparing to take a thorough look at the energy impacts of Proof of Work blockchains. The House Committee on Energy and Commerce has just announced key witnesses to testify on the energy and environmental impacts of crypto mining at a hearing on Jan. 20.

Notable witnesses include the CEO of BitFury Brian Brooks, Cornell Tech professor Ari Juels and the CEO of Soluna Computing John Belizaire.

Bitcoin miners are increasingly looking for sustainable energy sources as the pressure mounts from the public, shareholders and governments. Investors like Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, say they are looking to purchase stocks of mining companies that use sustainable energy.

One avenue that could be explored further is nuclear energy. At the Bitcoin & Beyond Virtual Summit in early November, Vice President of Griid Harry Sudock said nuclear energy could present an opportunity to introduce large amounts of clean, carbon-free energy.

sustainable energy