- The Bitcoin Mining Council (BMC), a voluntary global forum of Bitcoin mining companies and other companies in the Bitcoin industry, announced the findings of its second quarter 2022 (“Q2”) survey focused on three metrics: electricity consumption, technological efficiency and sustainable power mix.
The BMC has now collected data from over 50% of the global Bitcoin Network, representing 107.7 exahash (EH), as of June 30, 2022, in its latest voluntary sector survey. The results of this survey show that the members of the BMC and participants in the survey are currently utilizing electricity with a 66.8% sustainable power mix. Based on this data it is estimated that the global bitcoin mining industry’s sustainable electricity mix is now 59.5% or had increased approximately 6% year-on-year, from Q2 2021 to Q2 2022, making it one of the most sustainable industries globally.
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Additionally, year-on-year it is estimated that the global Bitcoin Network’s technological efficiency grew by 46%, from 14.4 EH per gigawatt (GW) in Q2 2021 to 21.1 EH per GW in Q2 2022. This efficiency gain reaffirms the fact that as the Bitcoin Network continues to grow, it will become even more efficient over time.
Moreover, the publication of this data represents the fifth quarterly release by the BMC, which was founded in May 2021 with support from some of the largest Bitcoin mining companies in the Bitcoin industry along with MicroStrategy and its CEO, Michael Saylor.
“In the second quarter of 2022, the hashrate and related security of the Bitcoin Network improved by 137% year-on-year while energy usage only increased 63%. We observed a 46% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide adoption of sustainable energy and modern bitcoin mining techniques.” said Mr. Saylor.
Darin Feinstein, co-founder of Core Scientific and the BMC stated, “The BMC membership hashrate increased from 37 EH at its inception, to 108 EH in Q2 2022. In only one year’s time, the BMC now represents 50.5% of the global Bitcoin Mining Network with members spread across 5 continents. 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.”
The BMC will host a presentation on July 19th, 2022, at 5 PM EDT to discuss these results, available here: https://www.youtube.com/watch?v=9ISSe8A3pVc&ab_channel=BitcoinMiningCouncil.
Author: Bryan Groenendaal
