56% sustainable bitcoin mining

According to a recent estimate by the Bitcoin Mining Council 56% of Bitcoin mining would be powered by sustainable energy. 

In fact, a few days ago the results of a survey carried out by the Bitcoin Mining Council (BMC) were disclosed , from which it emerges that 67% of those who responded say they currently use electricity with a sustainable energy mix to mine Bitcoin.

However, it must be said that the sample on which the survey was carried out is equal to only 32% of the current global Bitcoin network, and that the calculation that led BMC to state that 56% of Bitcoin mining is now done with energy sustainable is only an estimate. 

Furthermore, BMC is mainly active in North America, where the focus on sustainability of consumption is higher. In other parts of the world, it may be given much less consideration.

It is also a survey, not a field test, so trust what the responding BMC members said.

Bitcoin mining has become sustainable

That said, the survey results however would reveal one clear prevalence of sustainable energy mixes, far greater than the average for other electricity-intensive sectors.

Therefore, regardless of the fact that these data are true, they show a decidedly high attention to the problem , and far greater than that which is not shown at all in many other energy-intensive sectors.

For example, according to what was declared Tesla in 2019, in California in 2017 only 30% of the electricity produced came from renewable sources, albeit in strong growth compared to 12% in 2009 and with the aim of reaching 60% in 2030.

It is very likely that this target could be reached by mining Bitcoin before 2030 itself.

Tesla CEO Elon Musk said his company will return to accepting bitcoin payments when it is shown that more than 50% of the energy consumed by mining will come from renewable sources, so it’s not at all impossible to imagine that this could happen relatively. soon.

In fact, in the last two months there has been a real collapse in the energy consumption of Bitcoin mining due to the closure of numerous mining farms in China. 

Just think that, according to data from CoinWarz , the hashrate of 191 Ehash / s on May 9 has gone from a hashrate of 191 Ehash / s to the current 95 Ehash / s, with a halving in just over a month and a half.

This halving is due to China ‘s decision to forcibly shut down virtually all of its large mining farms. They also consumed a lot of non-renewable energy, particularly coal, and this effectively reduced the unsustainable energy consumption of Bitcoin mining.

Now, therefore , Bitcoin mining would be by far one of the most sustainable sectors globally.

MicroStrategy CEO Michael Saylor, co-founder of the Bitcoin Mining Council, said:

“I am pleased to see that the Bitcoin mining industry has come together, voluntarily, to provide information to the public and policy makers regarding a clarification of common misconceptions about the nature and extent of Bitcoin’s energy consumption. 

This survey – the first quarterly publication of many we plan to do – draws on data from miners around the world. As I stated earlier, just because the Bitcoin network is decentralized doesn’t mean it has to be disorganized ”.

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