According to a survey, the percentage of crypto miners opting for sustainable energy sources to power their crypto mining activities has grown to 56%, making it one of the most sustainable industries globally.
BMC’s First Survey Shows Increasing Sustainability In Bitcoin Mining
The second quarter of 2021 has seen a lot of ups and downs in the Bitcoin industry. However, according to the survey conducted by the recently established Bitcoin Mining Council (BMC), the members of the BMC and participants in the survey are currently utilizing electricity with a 67% sustainable power mix.
Founded in May 2021, this was the first issue of the BMC, a voluntary global
forum of Bitcoin mining companies. They reportedly collected energy data from over 32% of the global Bitcoin network as a part of its first-ever voluntary survey, which showed the participants to be using electricity with a 67% sustainable power mix. This indicates that around 56% of the global electricity use for Bitcoin mining is sustainably sourced.
Bitcoin Facing Flak For High Energy Consumption; Actively Seeking Sustainable Power Sources
Bitcoin’s high energy demands have been a thorn on its side for a while now. However, Elon Musk’s tweet calling out the negative environmental impact of Bitcoin mining has added urgency to the situation.
Addressing his concerns about Bitcoin’s high energy usage, Musk tweeted
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”
Following this, the destabilized Bitcoin market saw a trend of scrambling to find alternative, green energy options. For example, El Salvador, which recently legalized Bitcoin, is reportedly looking at geothermal energy to power its new proposed Bitcoin hub.
Founder of Blackcap and Core Scientific, Darin Feinstein, commented on ups and downs faced by the Bitcoin industry, saying,
“Despite China shutting down over 60 percent of the global Bitcoin network, the Bitcoin network experienced zero downtime, no bailouts, has registered no bankruptcies, and simply adapted by redeploying its infrastructure into regions that have greater freedoms. The network remains as strong as ever, it simply shrugs off adversity and moves forward.”
BMC Trying To Bring Transparency In Bitcoin Industry
The BMC was established in May 2021 as a voluntary and open forum of Bitcoin mining organizations and other companies in the Bitcoin industry committed to the network and its core principles of transparency and raising public awareness.
MicroStrategy SEO Michael Saylor, who had a big hand in establishing the BMC, expressed his views that the voluntary submission of Bitcoin mining data by participants will help demystify the industry.
He commented,
“This survey – the first quarterly release of many we expect to come – draws on data from miners around the world. As I’ve stated before, just because the Bitcoin network is decentralized doesn’t mean it has to be disorganized.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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