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Bitcoin (BTC) mining companies are becoming more environmentally conscious, with the global Bitcoin mining industry increasing its sustainable energy mix by 59 percent year over year.
According to the newest study from the Bitcoin Mining Council, the mining sector is rapidly adopting sustainable energy sources in order to safeguard the world’s largest crypto blockchain.
These statics are good news…
The Bitcoin Mining Council (BMC) is a collection of 44 Bitcoin mining businesses that claim to control 50% of the worldwide Bitcoin network, or 100.9 exahash (EH). It published the findings in a new study on Monday.
Michael Saylor, the CEO of MicroStrategy and a Bitcoin supporter, is also a member of the organization.
In a recent survey of BMC member companies, they were asked how much electricity they used and what percentage of that electricity was generated by hydro, wind, solar, nuclear, or other renewable energy sources.
The global mining industry’s sustainable electricity mix for the top crypto, according to the BMC, is now 58.4 percent, down 0.1 percent from the previous quarter.
Perhaps more crucially, it represents a significant increase from the predicted 36.8% renewables in Q1 2021.
Are the reports true?
Members of the BMC self-reported data for the new report, which revealed that they were using electricity with a 64.6 percent sustainable power mix. Data from BMC members were used to compile global Bitcoin mining statistics.
Bitcoin has been chastised for its high energy consumption and carbon impact, and the mining sector is eager to demonstrate its use of greener energy sources or waste byproducts from other operations to counter the criticism.
The data released by BMC contradict a February study published in the scientific journal Joules, which found that crypto mining resulted in a 17% rise in carbon emissions created by Bitcoin network operations.
According to the analysis, global Bitcoin mining operations consume 247 terawatt-hours (TWh), less than half of what gold mining operations consume and 0.16 percent of the world’s total energy usage.
It’s worth mentioning, though, that the BMC was only established in June 2021, thus it’s unclear how it came up with the 36.8% renewables projection for Q1 2021.
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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.
