According to the latest report by the Bitcoin Mining Council (BMC), the global mining of Bitcoin has reached 56% sustainable power in Q2. The Council released an official statement stating that Bitcoin mining is rapidly growing more efficient since the mining process uses a trifling amount of energy. It also stated that Bitcoin mining is powered by a mix of sustainable energy, higher than any major industry or a country. This represents some considerable growth when we consider where we were when the whole crypto markets were interrupted by some Elon Musk tweets.
The estimates were calculated on the basis of three questions the Council asked through a survey. According to the survey, 32% of miners are currently using electricity with a 67% sustainable power mix, which was used as the basis for the overall 56% estimates.
The BMC’s main goal is to provide clear and verifiable data on renewable energy usage, yet the validity of the data and the estimates from BMC’s survey remain unclear due to the heavy reliance on voluntary and self-reported responses from a small set of the network. The BMC noted its estimated network annualized power is based on its own analysis, assumptions, and exploration.
The Council stated that various sustainable energy sources including hydro wind, nuclear, carbon-based generation are all based on the principles of the International Energy Agency’s report on Net Zero 2050.
Despite BMC’s new survey, it is unlikely that Elon Musk will change his decision on Bitcoin transactions. Musk had previously stated that Tesla will allow Bitcoin transactions again if the global bitcoin mining network was verified and supported by 50% renewable.
This study marks a pivotal moment in the Bitcoin mining industry with the miners based in china are shutting operations or moving overseas to energy-cheap hubs. It is yet unknown how the mining industry will affect renewable energy usage, though many are hoping it will have a positive effect.
For those who have been under a cave, the price of Bitcoin capitulated along with the rest of the market when Elon Musk withdrew his support from Bitcoin due to concerns with the environment. The truth is he is probably looking for a much more radical use of energy efficiency. Some altcoins might be provided on the markets that use a hundredth of the energy that mining Bitcoin does.