A survey conducted by the Bitcoin Mining Council on a third of Bitcoin miners projects positive results for the industry: at least 56% of the network's miners use sustainable energy.
According to the publication of the results from the first survey applied by the Bitcoin Mining Council (BMC), an organization created by several of the industry leaders of the cryptocurrencies, To provide transparency into Bitcoin’s energy consumption, it indicates that at least 56% of the network’s miners are using sustainable energy sources to keep their facilities operational.
The survey was applied to 32% of the miners who are active in the Bitcoin network operating from North America, and is a first initiative of the Council to collect data that allows to visualize the real energy consumption of this blockchain.
The study is based on the need to know how miners in the most powerful and important network in the crypto industry are sustaining their operations.
Bitcoin (BTC), the number one cryptocurrency by market cap, has been the subject of much criticism due to the amount of energy it requires year after year to remain operational. In recent months, criticism of the blockchain's energy consumption has increased, to the point where China, the nation that led the hash rate of the network, decided to impose new crackdowns on the miners, forcing them to leave the country.
It may interest you: Bitcoin mining, an opportunity for the production of clean and renewable energy
Very optimistic results?
According to the document presented by the BMC, the results of this first survey indicate that 67% of Bitcoin miners stated that they are using sustainable energy sources for their operation. Extrapolation of the results to the global industry approximates that 57% of the network's miners use green energy; although this number may not be entirely true. The reason is that the survey applied by the organization only includes 3 questions and participants could answer them voluntarily.
1.) How much electricity does your total fleet consume today?; 2.) What is the total % of sustainable electricity within your fleet's power generation mix today?; 3.) What is the total aggregate hashrate of your fleet today?»
However, with the results obtained, the organization assures that Bitcoin is becoming a much more sustainable and energy-efficient network, in addition to the fact that, compared to the energy consumption of the traditional banking system, “Bitcoin mining uses a negligible amount of energy”, the BMC noted.
Less than 0,2% of global energy
The Bitcoin Mining Council notes that with 57% of network miners using green energy, Bitcoin is powered by a larger sustainable energy mix than any major country or industry in the world.
The chart shows that the blockchain network consumes only 0,117% of global energy. The report also indicates that a portion of this consumption comes from energy wasted due to inefficiencies.
Source: Bitcoin Mining Council
The Bitcoin Mining Council based its analysis using the term “sustainable energy” as electricity from hydroelectric, nuclear, wind, geothermal sources, and carbon-based energy with carbon-neutral credits, which focus on reducing carbon emissions on the planet.
The survey involved 23 of the most well-known cryptocurrency mining companies in the industry, including: Argo Blockchain, Marathon Patent Group, Hut 8, Hive, Riot Blockchain, Frontier Mining, Monaged Crypto Mining, and even MicroStrategy.
Continue reading: Bitcoin mining consumes less than 0,5% of global energy
