64.6% of energy used in crypto mining comes from sustainable energies

64.6% of energy used in crypto mining comes from sustainable energies
  • 64.6% of the energy used by crypto mining companies comes from sustainable energies.
  • For the elaboration of the Global Bitcoin Mining Data Review, Q1 2022, 44 companies focused on crypto mining participated, which generate 50% of the power of the global network.
  • The study covered three areas: the technological efficiency of companies, their electricity consumption and their sustainable energy mix.

Around Bitcoin there are always strong topics of debate, such as its volatility, regulation and, without a doubt, one of those that has limited progress due to criticism, is the consumption of electrical energy and its carbon emissions.

Detractors of digital assets often use the environmental impact of Bitcoin mining as an argument to position themselves against Bitcoin and other cryptocurrencies, however they often use data that is not up to date to talk about the subject and that is far from what is currently is crypto mining then More and more miners are looking for new, more efficient energies to carry out their work and, of course, less polluting.

Just to highlight the advances in mining and promote transparency, share best practices and educate the public about the benefits of Bitcoin and its mining arises Bitcoin Mining Council, a voluntary and open forum of Bitcoin miners committed to the network and its fundamental principles and which published its most recent report on Bitcoin mining, which covered the first quarter of 2022.

Global Bitcoin Mining Data Review Q1 2022

For the preparation of Global Bitcoin Mining Data Review, Q1 202244 companies focused on crypto mining participated which generate 50% of the power of the global network and It covered three areas: the technological efficiency of companies, their electricity consumption and their sustainable energy mix.

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According to the report, 64.6% of the energy used by the firms that participated in the study uses sustainable energy, with a global estimate of around 58.4%, an increase of 59% from the first quarter of 2021, highlighting the sustainability potential of the industry.

The results of the survey also point to an increase in the efficiency of electricity use, by 63%, which was also reflected in an increase in Bitcoin mining hash rate by 23% year-on-year and the decrease in use power by 25%.

According to the study, Bitcoin mining is 5,814% more efficient than in the last 8 years and its global J/TH efficiency is estimated to be 48.9.

Another noteworthy fact is that carbon emissions from bitcoin mining are 0.08% of total global emissions and regarding its global energy consumption the energy consumed globally by Bitcoin miners is only 247 TWh of the 154750 TWh generated globally, or 0.16%.

During the presentation of the report in April by Michael Saylor, the CEO of MicroStrategy stated that:

In the first quarter of 2022, the hashrate and related security of the Bitcoin network improved 23% year over year, while power usage decreased 25%. We see a 63% year-over-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of mining in North America, the exodus from China, and the global adoption of sustainable energy and modern bitcoin mining techniques”.

Bitcoin mining is gradually advancing to reduce its global impact and make its electricity consumption more efficient and with this make way for greater adoption, gradually removing the taboos that surround this activity.

https://www.youtube.com/watch?v=uotDxbKJmlo

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