Bitcoin Miners Currently Utilizing 67% Sustainable Power Mix: BMC Survey
Bitcoin Mining Council, a voluntary and open forum of Bitcoin miners, says the industry’s sustainable electricity mix had grown to about 56% during Q2 2021, making it one of the most sustainable industries globally.
According to BMC’s first survey, which involved over 32% of the current global Bitcoin network, the members of the Council and participants in the survey are currently utilizing electricity with a 67% sustainable power mix.
“Just because the Bitcoin network is decentralized doesn’t mean it has to be disorganized,” said Michael Saylor, CEO of MicroStrategy, who helped found the Council in May. According to Saylor, BMC is an important step to bring more transparency and understanding to the Bitcoin mining industry and further “demystifying” it.
Earlier this week, the hash rate of the largest network dropped to mid-2019 levels after Chinese miners shut down their operations due to China’s strict crackdown on cryptocurrency mining. The hash rate has since recovered and is at 93.4 Th/s, as of writing. Darin Feinstein, founder of Blockcap and Core Scientific said in a statement,
“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.”
“The network remains as strong as ever, it simply shrugs off adversity and moves forward.”