The findings of the Bitcoin Mining Council’s (BMC) Q2 2022 assessment on the industry’s status, power usage, and technological efficiency were released. The nonprofit company asserts that it has data from 50% of the Bitcoin network, or more than 107 exahashes of total hashrate.
Participants in the BMC study used 66.8% of the sustainable power mix to produce their energy, according to the poll. This data shows an increase over Q1 2022 statistics and estimates a mix of sustainable power of 59.5 percent for the whole Bitcoin network.
One of the “sustainable industries internationally” that has maintained its position is the bitcoin mining sector. According to the BCM, this sector consumes 15 basis points (bps), or 0.15 percent, of the world’s total energy while emitting 9 bps, or 0.09 percent, of carbon dioxide.
According to the research, these indicators are “inconsequential” in terms of the amount of energy consumed globally and in comparison to other global businesses. The worldwide energy output is 165,317 terawatt hours (TWh), as can be seen here, while the Bitcoin network consumes 253 TWh.
One of the BCM’s creators in 2021 and CEO of MicroStrategy, Michael Saylor, provided the following comment on the survey’s findings:
In the second quarter of 2022, the hashrate and related security of the Bitcoin Network improved by 137% year-on-year while energy usage only increased 63%. We observed a 46% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of Nort American mining, the China Exodus, and the worldwide adoption of sustainable energy and modern bitcoin mining techniques.
In contrast to the rest of the globe, China and the United States consumed more than 65,000 TWh. Much more power is required to maintain the Bitcoin network.
Do We Need More Transparency in Bitcoin Mining?
The entire energy usage of gaming and gold mining is slightly exceeded by the Bitcoin network when compared to other businesses. According to the figure below, the former uses more than 210 TWh whereas the latter is far more energy-intensive, using 571 TWh.
Through its official website, the BCM made the survey, its sources, and methodology available. The BCM and Core Scientific’s co-founder, Darin Feinstein, added the following to their findings:
The BCM membership hashrate increased from 37 EH at its inception to 108 EH in Q2 2022. In only one year’s time, the BCM now represents 50.5% of the global Bitcoin Mining Network with member spread across 5 continents. (…) it is important for the world to get the real facts.
The BTC mining business is still a target of politicians and authorities, despite the BCM’s efforts. Recently, BTC mining businesses were ordered to “disclose energy consumption and emissions” by U.S. Senator Elizabeth Warren and a few of her colleagues.
The MPs said in an open letter that study they performed revealed “disturbing” information about this industry’s energy use. The senators referred to the sector as “difficult” and urged businesses to “address the lack of information” about this situation.