The Bitcoin Mining Council (BMC), a voluntary global forum of bitcoin mining companies and others in the bitcoin industry, has announced the findings of its Q2 2022 survey focused on 3 metrics:
- Electricity consumption
- Technological efficiency
- Sustainable power mix
The results of this survey show that:
- Members of the BMC and participants in the survey are currently utilizing electricity with a 66.8% sustainable power mix
- Based on this data it is estimated that the global bitcoin mining industry’s sustainable electricity mix is now 59.5% or had increased approximately 6% year-on-year, from Q2 2021 to Q2 2022, making it one of the most sustainable industries globally
- The BMC has now collected data from over 50% of the global bitcoin Network, representing 107.7 exahash (EH), as of June 30, 2022, in its latest voluntary sector survey
- Additionally, year-on-year, it is estimated that the global bitcoin network’s technological efficiency grew by 46%, from 14.4 EH per gigawatt (GW) in Q2 2021 to 21.1 EH per GW in Q2 2022
This efficiency gain reaffirms the fact that as the Bitcoin Network continues to grow, it will become even more efficient over time.
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The publication of this data represents the fifth 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.
In the second quarter of 2022, the hashrate and related security of the bitcoin network improved by 137% year-on-year while energy usage only increased by 63%.
Furthermore, the BMC observed a 46% year-on-year increase in efficiency due to:
- Advances in semiconductor technology
- The rapid expansion of North American mining
- The China Exodus, and
- The worldwide adoption of sustainable energy and modern bitcoin mining techniques
According to Darin Feinstein, Co-Founder of Core Scientific and the BMC stated:
“The BMC membership hashrate increased from 37 EH at its inception, to 108 EH in Q2 2022. In only one year’s time, the BMC now represents 50.5% of the global Bitcoin Mining Network with members spread across 5 continents.
As sunlight is the best disinfectant, it is important for the world to get the real facts about the amount of energy used and carbon released by the Bitcoin Network.”
– Founder, Bitcoin Mining Council (BMC
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RECOMMENDED READING: Russia, the 3rd-Largest Bitcoin Mining Country Globally, Wants to Ban Crypto Mining
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