2021-7-3 17:25 |
The use of sustainable energy in Bitcoin mining increased by 52.2% between the first and second quarters of 2021. Bitcoin Mining Council (BMC), an organization that seeks to promote the use of green energy for Bitcoin (BTC/USD) mining, unveiled this bullish news through its first report, which offered details on the current status of the mining industry. Reportedly, the BTC network also registered a 15% efficiency uptick in the same period.
In the report, BMC members also disclosed that 67% of the total energy used in BTC mining is green. With this in mind, the council noted that the global BTC network has a small impact on the environment although most Chinese miners use electricity generated from burning coal.
BMC’s data shows that the impact BTC mining has on the environment is being blown out of proportion. According to the report, the energy consumption of the BTC network only contributes 0.07% to the world total. On top of this, BMC found that 56% of BTC mining operations across the globe run on sustainable energy sources.
Unreliable data?While BMC’s data shows the BTC mining industry is gravitating toward a carbon-neutral future, the organization obtained the data through non-scientific methods. Specifically, BMC researchers used a three-question survey. Trying to justify these methods, BMC member Michael Saylor, who is also MicroStrategy’s CEO, said the survey obtained data from BTC miners, adding that just because the BTC network is decentralized, it does not mean it’s disorganized
However, Larry Cermak, The Block’s Director of Research, cast doubt on the findings of BMC’s research, saying the organization did not disclose the methodology it used to obtain the data. He also noted that the results are dubious and that BMC used a 5% sample of BTC’s total hashrate to obtain its data. According to him, it is impossible to tell the exact percentage of sustainable energy BTC mining consumes until Chinese miners, who previously accounted for over 65% of BTC’s hashrate, finish relocating and a proper study is conducted.
This news comes as concerns over the energy consumption of the BTC network continue mounting. In May, Elon Musk, Tesla’s CEO, said the electric vehicle manufacturer had stopped accepting BTC payments until miners migrate to more sustainable energy sources. Soon afterward, China clamped down on BTC mining, saying the activity consumes a lot of energy and generates nothing substantial.
The post Report: Green energy-powered BTC mining increased by 52.2% this year appeared first on Invezz.
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