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Almost 60% of Bitcoin mining now on sustainable energy: BMC

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The Bitcoin Mining Council, a voluntary forum of cryptocurrency mining companies supported by Michael Saylor’s MicroStrategy Inc., said its latest quarterly survey showed the global Bitcoin mining industry is relying more on electricity from sustainable sources.

See related article: Can Ethereum’s proof-of-stake transition save the planet?

Fast facts

  • The global Bitcoin mining industry had a sustainable electricity mix of 58.4% during the January to March period, up from 36.8% a year earlier, representing an increase of 59% year-on-year, according to the report published on Monday.

  • The Bitcoin mining hashrate rose 23% year-on-year in the first quarter, while energy usage fell by 25% as mining efficiency rose 63%, according to the report.

  • The gains from new technology and a greater reliance on power sources such as wind and solar have made Bitcoin mining “one of the most sustainable industries globally,” the council said in a statement.

  • The council said its results were based on data collected from 50% of the global Bitcoin network.

  • In contrast to the Bitcoin Mining Council’s report, a peer-reviewed study published in February in the journal Joule found the environmental impact of Bitcoin mining deteriorated after China clamped down on crypto mining last year.

See related article: Renewables uptake: Bitcoin the problem or solution?