US Bitcoin Mining Council Survey Confirms Industry Powered By 57.7% Renewables

[Hydrogen]

Bitcoin mining electricity mix increased to 57.7% sustainable in Q3 2021

AUSTIN, TEXAS OCTOBER 19, 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 third quarter 2021 (“Q3”) survey focused on two important metrics: electricity consumption and sustainable power mix.
 
The BMC revealed that it successfully collected sustainable energy information from over 33% of the current global Bitcoin network 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 65.9% sustainable power mix. Based on this data it is estimated that the global mining industry’s sustainable electricity mix had grown to approximately 57.7%, during Q3 2021, up 3% from Q2 2021, making it one of the most sustainable industries globally.
 
Moreover, the publication of this data represents the second 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.
 
“This quarter we saw dramatic improvements to Bitcoin mining energy efficiency sustainability due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and worldwide rotation toward sustainable energy modern mining techniques.” said Mr. Saylor. 
 
The BMC will host a presentation on October 19, 2021, at 5 PM EDT to discuss these results, available here: http://youtu.be/JPai5uoN2tg.
 
About the Bitcoin Mining Council
 
 The Bitcoin Mining Council is a voluntary and open forum of Bitcoin mining companies and other companies in the Bitcoin industry committed to the Bitcoin network and its core principles. It promotes transparency, shares best practices, and educates the public on the benefits of Bitcoin and Bitcoin mining. Its contributing members include: Argo Blockchain, Atlas Mining, atNorth, Bit5ive LLC, Bitfarms, Bitfury, Bitquest, BitRiver, BlockWare Solutions, CCU.ai, Celsius Network, Compute North, Core Scientific, Cowa, DMG Blockchain Solutions, Enegix, Frontier Mining, Galaxy Digital, Hive Blockchain, HMTech, Hut8, Marathon Digital Holdings, New Data Ventures LLC, PrimeBlock, Riot Blockchain, and SBI Crypto.
 
For more information, please visit https://bitcoinminingcouncil.com/.

https://bitcoinminingcouncil.com/bitcoin-mining-council-survey-confirms-sustainable-power-mix/

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Results of this survey revolve primarily around the american crypto mining industry, which comprises approximately 33% of bitcoin's global hash rate.

There is an official presentation of this data, published on youtube:

https://www.youtube.com/watch?v=JPai5uoN2tg

This would appear to confirm what many on this forum have said for years, in terms of cryptocurrency mining being an industry powered primarily by renewable and environmentally friendly sources of electricity.

[Easteregg69]

Gazprom wants to burn methan. Flaring. To make BTC.

Or  Is that butane? "The unrefined gas". Quoting my self here.

Fuck me I am glad I bought BTC yesterday and not tomorrow. No filter found.

[Hydrogen]

Gazprom wants to burn methan. Flaring. To make BTC.

Or  Is that butane? "The unrefined gas".

Everyone knows carbon traps heat in the atmosphere. Methane traps more heat per gram than carbon.

The byproducts of burning methane as a fuel, is better for the planet, than leaving methane unburnt.

Elon Musk says 'do not worry too much' about methane, a gas that accounts for 20% of global greenhouse emissions

According to the EPA, methane is 25 times as strong as carbon dioxide when it comes to trapping heat in the atmosphere.

However, when methane is used as rocket fuel, it burns with liquid oxygen and releases carbon dioxide and water vapor into the atmosphere. That means SpaceX's Raptor engine would only directly contribute to methane emissions through potential leakage.

https://www.businessinsider.com/elon-musk-tesla-spacex-carbon-tax-methane-rocket-fuel-2021-10

One reason Space X rockets have never been criticized for using methane as its primary fuel.

As glaciers and permafrost melt from rising temperatures. They release frozen pockets of methane "methane burps" worsening climate change. And so it could be a good practice to normalize combusting methane as a fuel source, if we're getting serious about saving the planet.

[hatshepsut93]

This would appear to confirm what many on this forum have said for years, in terms of cryptocurrency mining being an industry powered primarily by renewable and environmentally friendly sources of electricity.

I wouldn't agree that this confirms it. First, 57.5% is not an overwhelming majority, the data could easily be unreliable and biased, this is the data for 33% of hashrate, the picture could be different in the rest of the world. There's also no truly reliable data for how the situation looked in China. Some said it was mined by hydro, others said it was mined by coal.

[Ucy]

Guess this's merely a survey. hope you can have a more evidence-based one or something. And I wonder how you could back it up with strong evidence without compromising on the privacy of miners. Another important thing is that it should be "Renewable Clean Energy"

If the survey is reliable then it is nice thing to know about.


I also hope that advances in mining hardware will shrink the number of hardware that is required and greatly improve on efficiency. By the way, shrinking does not mean poor decentralization, it could encourage light weight mining plus mobility which are very important to the crypto ideals

[OcTradism]

I wouldn't agree that this confirms it. First, 57.5% is not an overwhelming majority, the data could easily be unreliable and biased, this is the data for 33% of hashrate, the picture could be different in the rest of the world. There's also no truly reliable data for how the situation looked in China. Some said it was mined by hydro, others said it was mined by coal.

You can check the report and stats for Q2 2021
Global Bitcoin Mining data review Q2 2021. It says 56% of Global Bitcoin mining is renewable. Compares it to 57.5% in the US. it is not a big difference so assume the data for the US. in Q3 is a little inaccurate, it is good enough.

The trend in bitcoin mining is finding new geolocations with cheap price of renewable energy resources as possible.

[NotATether]

It's 57.5% of the 33% global miners sampled. That means almost 19% of the world hashrate.

And by extension, 14% of the world hashrate is NOT using renewable resources, and for 67% it's unknown what they are using.