Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Report Claims Bitcoin Miner Energy Consumption Mix 56% Sustainable

Report Claims Bitcoin Miner Energy Consumption Mix 56% Sustainable

During the last three months, there’s been a significant focus on the effects bitcoin mining has on the global environment. While many have claimed bitcoin mining is bad for the environment and many others have stressed that it affects the environment in a positive way, either way, most are relying on unreliable and old data from a few years ago.

On July 1, 2021, the recently formed Bitcoin Mining Council published a report that claims 56% of the hashrate uses sustainable energy resources.

A new report published by the Bitcoin Mining Council (BMC) shows more than half of the hashrate leverages sustainable energy to mine bitcoin. BMC published the report on July 1, 2021.

Tesla CEO, Elon Musk has been in the spotlight, after Tesla withdrew from accepting bitcoin payments, citing environmental issues. Amid the BMC report, Musk was back being the topic of conversation:

Tesla said they wouldn’t again accept BTC until energy consumption reached 50% from renewables,” one Redditor said on Saturday. “Now that BTC uses 56% renewable energy, I wonder if Tesla will soon start accepting BTC again.” The ‘Tesla accepting bitcoin again’-Reddit post on r/bitcoin has clocked in more than 5,700 upvotes.

Bitcoin Mining Report Claims Miner Energy Consumption Mix 56% Sustainable in Q2

The BMC report explains that the organization collected information on miners leveraging sustainable energy from “over 32 percent of the current global Bitcoin network in its first-ever voluntary survey.” The results of the survey indicate that members of the BMC are utilizing electricity “with a 67% sustainable power mix.” The BMC report states:

“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.”

Report Covers Data From Miners Around the World

The data is very different from the Coinshares’ report published over three years ago and the unreliable data stemming from Cambridge Bitcoin Electricity Consumption Index (CBECI) and the digiconomist.net index. Both the digiconomist’s and Cambridge’s data have significant discrepancies between both electrical consumption estimates and both have mining maps that have not been updated since April 2020.

Microstrategy and its CEO, Michael Saylor, a member and founder of the BMC, said he was pleased to hear the results:

“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. 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.”

The BMC is made up of members like Blockware Solutions, CCU.ai, Celsius Network, Compute North, Core Scientific, Enegix, Frontier Mining, Galaxy Digital, Hive Blockchain, Ankr, Argo Blockchain, Atnorth, Bit5ive LLC, Bitfarms, Bitfury, Bitquest, Bitriver, Blockcap, HMTech, Hut8, Marathon Digital Holdings, New Data Ventures LLC, Riot Blockchain, and SBI Crypto. BMC spokesperson Saylor also released a video that goes over some of the data found in the global mining report.

Source: Report Claims Bitcoin Miner Energy Consumption Mix 56% Sustainable – Fintechs.fi
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
×