Bitcoin Mining Becomes More Sustainable: Q4 Mining Council Survey

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The percentage of the global Bitcoin mining industry powered by renewable energy increased by 1% to 58.5% in the fourth quarter of 2021 according to new data.

The Bitcoin Mining Council (BMC) announced the results of its fourth quarter survey on January 18.

The survey focused on three parameters: sustainable energy mix, technological efficiency and electricity consumption.

Q4 #Bitcoin Mining Council survey confirms improvements in sustainable energy mix and technology efficiency. The estimated sustainable energy mix was 58.5%. Join us at 5 p.m. ET today for a full briefing.https://t.co/t1gTZV9GtT

— Michael Saylor⚡️ (@saylor) January 18, 2022

Founded in May 2021, the BMC is a voluntary global forum of bitcoin mining companies such as Bit Digital, BitFury, Bitfarms and Atlas Mining, and other industry organizations.

Michael Saylor, Founder and CEO of MicroStrategy and a key member of the BMC, said:

“This quarter, we have seen the trend continue with dramatic improvements in the energy efficiency and sustainability of Bitcoin mining due to advances in semiconductor technology, the rapid expansion of North American mining, the Chinese exodus and the global shift towards sustainable energy and modern mining techniques.

The voluntary survey compiled sustainable energy insights from miners representing over 46% of the global Bitcoin network. According to the survey, Mining Council members themselves operate electricity with a sustainable energy mix of 66.1%.

The self-reported data was then used to estimate that the sustainable energy mix of the global bitcoin mining industry was around 58.5% during the fourth quarter, an increase of one percentage point from the figure of the third trimester. The industry’s estimated technological efficiency also increased by 9%, to 19.3 petahash per MW.

Core Scientific and BMC co-founder Darin Feinstein noted that the hashrate of participating BMC members increased by 77% in the fourth quarter.

Related: Georgia citizens forced to take oath to stop crypto mining

The environmental impacts of Bitcoin mining have been hotly debated for some time, and the US Congress is now gearing up to take a deep look at the energy impacts of Proof of Work blockchains. The House Committee on Energy and Commerce just announced key witnesses to testify about the energy and environmental impacts of crypto mining at a January 20 hearing.

Notable witnesses include BitFury CEO Brian Brooks, Cornell Tech Professor Ari Juels, and Soluna Computing CEO John Belizaire.

Bitcoin miners are increasingly looking for sustainable energy sources as pressure mounts from the public, shareholders and governments. Investors like Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, say they are looking to buy shares of mining companies that use sustainable energy.

One avenue that could be explored further is nuclear energy. At the virtual Bitcoin & Beyond Summit in early November, Griid VP Harry Sudock said nuclear power could present an opportunity to introduce large amounts of clean, carbon-free energy.

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