The Bitcoin mining companies participating in the survey use 64.6% of sustainable energy, making that industry one of the most sustainable worldwide. The Bitcoin mining network only consumes 247 TW/h, which is insignificant, considering that the power generated globally is 1,154,750 TW/h.
The first 2022 report by the Bitcoin Mining Council (BMC) deals with the state of the BTC mining network and its energy consumption. It is the first time the non-profit organization has compiled data on 50% of the global Bitcoin mining activity.
The Bitcoin Mining Council association emerged in 2021 as a voluntary global forum formed by the leading Bitcoin mining companies alongside MicroStrategy. Over the last year, the organization has published various data that contrast with the pessimistic opinion about BTC portrayed by the media.
In 2022, the results reveal that the Bitcoin mining companies participating in the survey use 64.6% of sustainable energy. That is equivalent to a 59% year-over-year increase in the mix of electricity and sustainable energy for the activity. For that reason, that industry is one of the most sustainable worldwide.
The report indicated that technological advances have allowed using less electricity for mining Bitcoin.
The organization discovered that the Bitcoin mining network consumes an insignificant amount of energy worldwide. The power generated worldwide is 1,154,750 terawatts per hour (TW/h), of which BTC mining only consumes 247 TW/h.
According to Michael Saylor, CEO of MicroStrategy, Bitcoin mining represents less than 0.1% of global energy consumption. In contrast to other countries, the 247 TW/h consumed by the Bitcoin mining industry looks increasingly low. For example, China and the United States consume more than 70,000 TW/h.
Bitcoin Mining Is Much More Sustainable than other Industries
Other data from the Bitcoin Mining Council indicates that the sector has reached an unprecedented sustainability level. Due to its sustainable energy mix, BTC mining is more sustainable than the EU, the US, and other major economies.
Michael Saylor believes that BTC mining is much more sustainable than other industries. The construction, financial, and insurance sectors consume around 9,000 TW/h, the aeronautical industry 4,000 TW/h, and the military industry around 7,000 TW/h.
However, politicians, regulators, and the mainstream media continue to criticize BTC mining. The CEO of MicroStrategy considers that the problem goes beyond power consumption. He said that it could have more to do with the ability of the network to remain independent from centralized actors.
Saylor said that the year-on-year Bitcoin hash rate improved by 23%, while electricity consumption decreased by 25% during the first quarter of 2022. There is a 63% year-over-year increase in efficiency due to advances in semiconductor technology, the expansion of mining in North America, the Chinese diaspora, and the adoption of sustainable energy worldwide.
The billionaire businessman added that critics might say BTC mining consumes more electricity than a given country. However, they choose a nation representing a tenth of the energy used worldwide to make it sound big.
Bitcoin is trading at around USD 38,974 and has accumulated a 0.2% loss over the last 24 hours. Its trading volume is above USD 32.46 billion, and its market capitalization is about USD 741.52 billion, according to CoinGecko.
By Alexander Salazar
