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Bitcoin mining is becoming more environmentally friendly and energy efficient

According to the Bitcoin Mining Council

Bitcoin mining is becoming more environmentally friendly and energy efficient

Michael Saylor presented the latest quarterly report on Bitcoin’s energy usage

Back in July, Michael Saylor held the first Bitcoin Mining Council (BMC) meeting on Twitter Spaces. There, he committed to gathering Bitcoin mining data and publishing quarterly reports about energy consumption and mix. Here are the key takeaways of their second release.

Photo by Executium on Unsplash About the Bitcoin Mining Council

In the words of Michael Saylor, the BMC is “a voluntary association of Bitcoin miners who came together to educate the public and gather some insight about the Bitcoin mining business and how energy is used.”

The organization currently consists of 29 different companies representing ~33% of the entire Bitcoin network’s hashrate. The results shown in the report are thus an estimate based on a sample of one-third of the total miners.

Key takeaways to get started

The report claims that:

Bitcoin mining uses a negligible amount of electricity on a global scale. It is also rapidly becoming more efficient in terms of energy. Bitcoin miners’ energy mix is more based on sustainable sources than any other country or industry globally.

These three conclusions are drawn from the data collected by asking a straightforward survey composed of three questions:

How much electricity does your total fleet consume today? What is the total percentage of sustainable electricity within your fleet’s power generation mix today?* What is the total aggregate hashrate of your fleet today?

*Sustainable electricity is defined as hydro, wind, solar, nuclear, geothermal, and carbon-based generation with net carbon credits.

“The amount of energy that Bitcoin mining uses is a rounding error for every other major industry.” — Michael Saylor.

That said, let’s further dive into the BMC’s report and analyz...

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