A Bitcoin Mining Council survey reveals mining activities are 56% sustainable
The global Bitcoin mining sector has reached a 56% sustainable power mix in Q2 of 2021.
Based on estimates from a Bitcoin Mining Council (BMC) report, in Q2 of this year, the global Bitcoin mining sector has reached a 56% sustainable power mix. The findings follow a survey conducted by the BMC.
In a July 1 press release, the council stated:
“Bitcoin mining uses a negligible amount of energy, is rapidly becoming more efficient, and is powered by a higher mix of sustainable energy than any major country or industry.”
The 56% estimate was based on a three-question survey to 32% of active Bitcoin miners. The following questions were asked:
“How much electricity does your total fleet consume today? What is the total % of sustainable electricity within your fleet’s power generation mix today? What is the total aggregate hashrate of your fleet today?”
Based on the Bitcoin Mining Council survey of the network, mining electricity mix increased to 56% sustainable in Q2 2021, making #Bitcoin one of the cleanest industries in the world.https://t.co/wWWgjebdtN
— Michael Saylor (@michael_saylor) July 1, 2021
Although the findings seem positive, there are some drawbacks and questions surrounding the validity of the data. The findings rely from voluntary and self-reported responses from only a small portion of miners. As a disclaimer, the BMC states that the estimated annualized power of the Global Bitcoin network is based on its own “analysis, assumptions and exploration.”
The of the BMC was recently established with a mission as stated on their official website to “to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining
Sustainable energy, an opportunity?
According to the BMC, sustainable electricity is defined as “hydro, wind, solar, nuclear, geothermal, and carbon-based generation with net carbon credits.” This definition is derived from principles from the International Energy Agency’s (IEA) Net Zero by 2050 report.
The results come at an important moment in Bitcoin history. A recent crackdown on miners in China has led to an exodus with mining equipment already shipped out in containers. However, these miners are seemingly moving to those areas where there is an abundance of renewable energy.
With energy consumption a hot topic around the globe now, it remains to be seen if the report has enough power to cause another change of heart for Elon Musk, who stated last month that Tesla would resume allowing Bitcoin transactions when Bitcoin mining would make use of at least 50% renewables.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
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Author: Peter Siu