The latest Bitcoin Mining Council report showed that the mining industry is rapidly adopting sustainable energy sources . The global bitcoin mining industry increased its sustainable energy mix by approximately 59% year over year , reports ‘Cointelegraph’.
The Bitcoin Mining Council (BMC) is a group of 44 bitcoin mining companies that represents 50% of the global cryptocurrency network.
This council estimates that the global mining industry’s sustainable electricity mix for major cryptocurrencies is now 58.4%, down 0.1% from last quarter. Perhaps more important is significant growth from the estimated 36.8% renewables in the first quarter of 2021.
However, ‘Cointelegraph’ points out that the BMC was not formed until June 2021, so it is not exactly clear how it formulated the value of 36.8% renewables estimated in the first quarter of 2021.
The new report data declared by BMC members, showed that they used electricity with a sustainable energy mix of 64.6%. Global bitcoin mining figures were estimated from BMC member data.
In the last 12 months, the electricity consumption of the industry decreased by 25% , while the hash rate increased by 23%, going from 164.9 to 202.1, which is equivalent to a 63% increase in the mining efficiency in the last year since the first quarter of 2021. The BMC claims that bitcoin mining is 5,814% more efficient than eight years ago.
“These improvements are attractive to institutions that see environmental impact as one of the main reasons not to invest in bitcoin,” says Marcus Sotiriou, an analyst at GlobalBlock.