Bitcoin Mining Increases Sustainable Energy Mix by 59 Percent

The Bitcoin Mining Council’s new report reveals that while the price of bitcoin has been on a steady decline, mining for cryptocurrency did not increase its sustainable energy mix by nearly 59 percent in first quarter 2022. The overall electricity consumption was also reduced around 25%.

A recent study by researchers showed that as of March 31, 2019 approximately 50% or 100.9 Exahashes per second (EH/s) were mining with renewable sources such wind and solar power.

They found 64.4% used electricity which includes these types in their survey responses around the world; this is an increase over last year’s figure where they estimated it to be 58.4%.

Bitcoin mining is responsible for 0.16% of worldwide energy consumption (247 out 154,750 terawatt hours), and produces a mere 0.086%. And according to a report by The Guardian , Bitcoin mining uses more renewable than any country on earth.

The Bitcoin mining process uses a tiny fraction of the world’s electricity, and it’s important for people to know exactly how much they’re wasting.

Core Scientific co-founder Darin Feinstein says that his company has done some calculations on this topic in order to set accurate standards: “As sunlight is the best disinfectant, it is important for the world to get the real facts about the amount of energy used and carbon released by the Bitcoin Network.”

As the price of Bitcoin grew, so did its popularity in recent months. The network’s hash rate increased 23% year-on-year and energy usage declined 25%.

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According to Microstrategy CEO Michael Saylor this increase can be attributed largely due advances made by semiconductor technology providers as well as North American mining industry growth which was fueled mainly on China Exoduses (when people remove their hardware) or worldwide adoption for sustainable energy and modern bitcoin mining techniques.

The mining industry has been on a rollercoaster ride these past few years with Bitcoin prices fluctuating, but one thing that hasn’t changed is how efficient computers can mine.

Efficiency improved by 5814% over 8 Years. In fact – according to The BMC- it will increase another 600% in the next eight years.