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- In its very first survey, the Bitcoin Mining Council gathered information on miners promoting sustainable energy from over 32 percent of the current global Bitcoin network.
- Members of the BMC in the report declared that utilizing electricity with a 67% sustainable power mix.
- BMC’s report clears all the common misconceptions about the nature and scale of Bitcoin energy usage
For the past few days, Bitcoin mining’s environmental effect has been a center of discussion. Few days ago, Tesla’s Elon Musk, along with the CEO of MicroStrategy, Michael Saylor, and several bitcoin miners conducted a meeting. This led to the foundation of the Bitcoin Mining Council, which will now promote sustainable bitcoin mining. While some people believe bitcoin mining can have adverse effects on the environment, another group of people think that Bitcoin has positive effects on the environment. However, according to the most recent report published by the Bitcoin Mining Council, 56% of the total hashrate utilizes sustainable energy resources.
Bitcoin Mining is one of the Most Sustainable Industries in the World
In its very first survey, the Bitcoin Mining Council gathered information on miners promoting sustainable energy from over 32 percent of the current global Bitcoin network. In addition, the members of the BMC in the report declared that utilizing electricity with a 67% sustainable power mix. BMC states that the global mining industry’s sustainable electricity mix had grown to approximately 56 percent as per their surveyed data. This makes Bitcoin mining one of the most sustainable industries in the world. However, BMC’s report widely differs from the CoinShares report published three years ago. Moreover, the data provided by Cambridge Bitcoin Electricity Consumption Index (CBECI) and the digiconomist.net index were dicey.
Saylor is Please to see the Bitcoin Mining Community Come Together
In the Bitcoin Miami Conference, Saylor said that Bitcoin has the highest value of intermittent energy, renewable energy, wasted or stranded energy. According to him, it may be a potential solution to developing power plants in remote locations and escalating the efficiency of plants. Saylor believes that once people can see the disruptive technology of bitcoin, people will embrace it. In response to BMC’S report, Saylor said that the Bitcoin mining industry has come together, voluntarily, to provide critical information to the general public and policymakers.
BMC’s report provides clarification to the common misconceptions about the nature and scale of Bitcoin energy usage which caused a lot of fuss some weeks ago. Blockware Solutions, CCU.ai, Celsius Network, Compute North, Core Scientific, Enegix, Frontier Mining, Galaxy Digital, Hive Blockchain, Ankr, Argo Blockchain, Atnorth, Bit5ive LLC, Bitfarms, Bitfury, Bitquest, Bitriver, Blockcap, HMTech, Hut8, Marathon Digital Holdings, New Data Ventures LLC, Riot Blockchain, and SBI Crypto are some of the firms that together form the Bitcoin Mining Council.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
