BLOCKCAP
Published in

BLOCKCAP

Bitcoin mining electricity mix increased to 56% sustainable in Q2 2021

AUSTIN, TEXAS — JULY 1, 2021 — 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 first quarterly survey focused on two important metrics: electricity consumption and sustainable power mix.

The BMC revealed that it successfully collected sustainable energy information from over 32 percent of the current global Bitcoin network in its first ever voluntary survey. The results of this survey show that the members of the BMC and participants in the survey are currently utilizing electricity with a 67% sustainable power mix. Based on this data it is estimated that the global mining industry’s sustainable electricity mix had grown to approximately 56 percent, during Q2 2021, making it one of the most sustainable industries globally.

Moreover, the publication of this data represents the first 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 a statement, Mr. Saylor praised the creation of the BMC as an important step to bring more transparency and understanding to the Bitcoin mining industry. He noted that the voluntary submission of Bitcoin mining data by industry participants will help to play an important role in demystifying the Bitcoin mining industry.

“I am pleased to see that the Bitcoin mining industry has come together, voluntarily, to provide critical information to the general public and policymakers, especially as it pertains to clarifying common misconceptions about the nature and scale of Bitcoin energy usage,” said Mr. Saylor. “This survey — the first quarterly release of many we expect to come — draws on data from miners around the world. As I’ve stated before, just because the Bitcoin network is decentralized doesn’t mean it has to be disorganized.”

Darin Feinstein, founder of Blockcap and Core Scientific, noted that the survey comes at a pivotal moment as the Bitcoin industry sees its mining operations further decentralized as a result of miners leaving China.

“Despite China shutting down over 60 percent of the global Bitcoin network, the Bitcoin network experienced zero downtime, no bailouts, has registered no bankruptcies and simply adapted by redeploying its infrastructure into regions that have greater freedoms,” Mr. Feinstein said. “The network remains as strong as ever, it simply shrugs off adversity and moves forward.”

BMC Presentation Here: https://www.youtube.com/watch?v=9KbOXG0EMuY

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
BLOCKCAP

BLOCKCAP

Powering our next financial system