Bitcoin Mining Report: Electricity Consumption Shot Down by 25%

By the close of May 2021, Elon Musk, the CEO and Founder of Tesla, managed to convince Bitcoin industry leaders from the Bitcoin Mining Council (BMC), and 90 days later, BMC launched the public services and a site. Nine months later, in April 2022, BMC released a report showing huge improvements in Bitcoin mining through the use of sustainable energy, especially in Q1 of 2022. BMC report shows that Bitcoin electricity usage fell by 25% compared to the previous year. 

Bitcoin Mining Council’s Q1 2022 Report Shows the Sustainable Power Mix and Tech Efficacy in the Mining Sector 

The Bitcoin Mining Council (BMC) report for the mining industry indicates huge improvements in the use of sustainable energy and tech efficiency. The survey done by BMC highlighted three main metrics: technological efficiency, electricity consumption, and sustainable power mix. BMC looked at about 50% of its network’s hashpower, which represents 100.9 exahash every second (RHS/S) in March 2022. 

The voluntary survey is a demonstration that 64% of the participants use a sustainable power mix. The report further estimates that the global Bitcoin mining sector’s sustainable electricity mix now stands at 58% or it increased by 59% for Q1 in 2022 compared to the same period in 2021. This makes it one of the most sustainable areas on the planet. 

Core Scientific Co-founder: We Need Facts on Energy Use Carbon Footprint by Bitcoin Network 

Michael Saylor, the CEO of Microstrategy, also issued a statement about the Q4 BMC report. He indicated that the hash rate Bitcoin network security went up in Q1 of 2022, reaching 23% year-on-year,  while the energy use also dropped by 25%. We saw a 63% year-on-year growth in efficiency because of the advances in semiconductor technology, growth of North America’s mining sector, and China exodus. Global adoption of sustainable energy also played a significant role. 

The report also quoted Darin Feinstein, the co-founder of Core Scientific, who demonstrated how BMC membership shot up in the last 12 months. He indicated that BMC membership hashrate climbed from 29 EH during inception to 101 by the close of Q1 of 2021. Therefore, BMC represents 50% of the Bitcoin Mining Network, with members spread across the five continents. 

“As sunlight is the best disinfectant, it is important for the world to identify the actual facts about the amount of energy used … by the Bitcoin Network. We hope that those with journalistic integrity honor their commitment to provide truthful media and news …” Feinstein said. 

Comments are closed.