Home Bitcoin Bitcoin Mining Will get Cleaner, Lawmakers Name For Transparency

Bitcoin Mining Will get Cleaner, Lawmakers Name For Transparency

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The Bitcoin Mining Council (BMC) published the results of their Q2, 2022, a survey on the state of the sector, its electricity consumption, and technological efficiency. The nonprofit organization claims it has collected data from 50% of the BTC network which represents over 107 exahash of the total hashrate.

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According to the BMC survey, participants are using electricity with 66.8% of the sustainable power mix. This represents an increase over Q1, 2022, data and records an estimate of 59.5% sustainable electricity mix across the entire Bitcoin network.

The Bitcoin mining industry persevered its spot as one of the most “sustainable industries globally”. The BCM claims this industry uses 15 basis points (bps) or 0.15% of the total amount of global energy while it generates 9 bps or 0.09% in carbon emissions.

The report claims these metrics are “inconsequential” in terms of global energy consumption and when compared to other industries operating worldwide. As seen below, the Bitcoin network uses 253 terawatts per hour (TWh) while the global energy output stands at 165,317 TWh.

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Source: BCM

Michael Saylor, CEO at MicroStrategy, one of the BCM founders back in 2021, said the following on the survey’s results:

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%. We observed a 46% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of Nort American mining, the China Exodus, and the worldwide adoption of sustainable energy and modern bitcoin mining techniques.

When compared to the rest of the world, The United States and China consumed over 65,000 TWh. Far much more the power needed to support the Bitcoin network.

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BTC’s price records losses in the short term. Source: BTCUSDT Tradingview

Bitcoin Mining Needs More Transparency?

When compared to other industries, the Bitcoin network barely reaches the total energy consumption of gaming and gold mining. The former consumes over 210 TWh and the latter is far more demanding with 571 TWh in energy consumption, as the chart below shows.

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Source: BCM

The BCM released the survey, its sources, and methodology via its official website. Darin Feinstein, co-founder of Core Scientific and the BCM added the following to their results:

The BCM membership hashrate increased from 37 EH at its inception to 108 EH in Q2 2022. In only one year’s time, the BCM now represents 50.5% of the global Bitcoin Mining Network with member spread across 5 continents. (…) it is important for the world to get the real facts.

Despite the efforts of the BCM, the BTC mining industry continues to be targeted by politicians and regulators. Recently, U.S. Senator Elizabeth Warren and some of her colleagues demanded BTC mining companies “disclose energy use and emissions”.

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In an open letter, the lawmakers claimed they conducted research that shows “disturbing” data on this industry’s energy consumption. The Senators called the industry “problematic” and called on companies to “address the lack of information” regarding this issue.

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