Based on the Bitcoin Mining Council survey of the network, mining electricity mix increased to 56% sustainable in Q7 2021, making #Bitcoin one of the cleanest industries in the world.
The BMC revealed that it successfully collected sustainable energy information from over 32 percent of the current global Bitcoin network in its first ever voluntary survey. The results of this survey show that the members of the BMC and participants in the survey are currently utilizing electricity with a 67% sustainable power mix.
Based on this data it is estimated that the global mining industry’s sustainable electricity mix had grown to approximately 56 percent, during Q2 2021, making it one of the most sustainable industries globally.
Moreover, the publication of this data represents the first quarterly release by the BMC, which was founded in May 2021 with support from some of the largest Bitcoin mining companies in the Bitcoin industry along with MicroStrategy and its CEO, Michael Saylor.
In a statement, Mr. Saylor praised the creation of the BMC as an important step to bring more transparency and understanding to the Bitcoin mining industry. He noted that the voluntary submission of Bitcoin mining data by industry participants will help to play an important role in demystifying the Bitcoin mining industry.
“I am pleased to see that the Bitcoin mining industry has come together, voluntarily, to provide critical information to the general public and policymakers, especially as it pertains to clarifying common misconceptions about the nature and scale of Bitcoin energy usage,” said Mr. Saylor.
“This survey — the first quarterly release of many we expect to come — draws on data from miners around the world. As I’ve stated before, just because the Bitcoin network is decentralized doesn’t mean it has to be disorganized.”
Darin Feinstein, founder of Blockcap and Core Scientific, noted that the survey comes at a pivotal moment as the Bitcoin industry sees its mining operations further decentralized as a result of miners leaving China.
“Despite China shutting down over 60 percent of the global Bitcoin network, the Bitcoin network experienced zero downtime, no bailouts, has registered no bankruptcies and simply adapted by redeploying its infrastructure into regions that have greater freedoms,” Mr. Feinstein said. “The network remains as strong as ever, it simply shrugs off adversity and moves forward.”
Bitcoin Mining Council hosted a presentation on July 1, 2021, at 5 pm EDT to discuss these results. The “Bitcoin Mining Council” is a voluntary and open forum of Bitcoin miners committed to the network and its core principles. The “Bitcoin Mining Council Q2 2021 Briefing” is open to the public and will be broadcast live on YouTube at 5pm EDT.
During the briefing, members of the Bitcoin Mining Council will provide an update on the progress made to deliver on their mandate: to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining.
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