Bitcoin Mining Report Says Miners’ Energy Use 56% Sustainable in Q2

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Over the past three months, the focus has been on the effects of bitcoin mining on the global environment. While many have claimed that bitcoin mining is bad for the environment and many others have pointed out that it affects the environment in a positive way, most of them rely on unreliable data anyway. and old from a few years ago. On July 1, 2021, the newly formed Bitcoin Mining Council released a report that found 56% of the hashrate uses sustainable energy resources.

Will Elon Musk bend? Bitcoin Miner’s power consumption mix is ​​56% sustainable, report claims

Bitcoiners are hoping Elon Musk has noticed a new report released by the Bitcoin Mining Council (BMC) that shows more than half of hashrate uses sustainable energy to mine bitcoin. BMC released the report on July 1, 2021, and as soon as it was posted online, articles about Elon Musk’s change of mind started popping up.

“Tesla has said they will no longer accept BTC until energy consumption reaches 50% from renewables,” a Redditor said on Saturday. “Now that BTC uses 56% renewable energy, I wonder if Tesla will start accepting BTC again soon.” Post “Tesla Accepts Bitcoin Again” – Reddit on r / bitcoin has recorded over 5,700 upvotes.

BMC’s report explains that the organization collected information on miners leveraging sustainable energy from “over 32% of Bitcoin’s current global network in its very first voluntary survey.” The results of the survey indicate that BMC members use electricity “with a sustainable energy mix of 67%”. The BMC report states:

Based on this data, the sustainable power mix of the global mining industry is estimated to have grown to around 56% in the second quarter of 2021, making it one of the most sustainable industries in the world.

Microstrategy CEO: “Report pulls data from minors around the world”

The data is very different from the Coinshares report released over three years ago and unreliable data from the Cambridge Bitcoin Electricity Consumption Index (CBECI) and the digiconomist.net index. The diginomist and Cambridge data show significant discrepancies between the two power consumption estimates and both have mining maps that have not been updated since April 2020.

Microstrategy and its CEO, Michael Saylor, member and founder of BMC, were delighted to hear the results.

“I am happy to see that the Bitcoin mining industry has come together, on a voluntary basis, to provide essential information to the general public and policy makers, especially with regard to clarifying common misconceptions about the nature and the magnitude of Bitcoin energy use, ”Saylor said. “This survey – the first of many quarterly that we plan to come – draws on data from miners around the world. As I said before, just because the Bitcoin network is decentralized doesn’t mean it needs to be disorganized, ”Saylor added.

BMC is made up of members such as 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. BMC spokesperson Saylor also posted a video that reviews some of the data found in the global mining report.

What do you think of the use of green energy in bitcoin mining which goes up to 56%? Let us know what you think of this topic in the comments section below.

Tags in this story Ankr, Argo Blockchain, Atnorth, Bit5ive LLC, Bitcoin, Bitcoin mining, Bitcoin Mining Council, Bitfarms, BitFury, Bitquest, BMC, BTC Mining, cambridge, CBECI, Coinshares, digiconomist, Electricity, electricity consumption, Elon Musk, GREEN Energy, Hashpower, Hashrate, michael saylor, microstrategy, Old Data, sustainable energy, Tesla

Image credits: Shutterstock, Pixabay, Wiki Commons, BMC,

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