- Many people often regard Bitcoin mining as something that harms the environment. This is quite true, but effort is ongoing to ensure the impact of Bitcoin mining on the environment reduces.
- So instead of using forms of energy that significantly affect the environment, Bitcoin Miners use renewables. In fact, new data shows renewable energy powers a whopping 63% of Bitcoin Mining Council.
Bitcoin mining is something many environmental activists are against due to the pollution it causes to the environment. However, a new report shows some improvement coming from the BTC mining sector. Apparently, the Bitcoin Mining Council succeeded in using renewable energy to power 63% of its mining. Assuming you don’t know, the Bitcoin Mining Council contains all kinds of companies engaging in BTC mining. Their findings is in regard to their survey for the first half of 2023. A look through the data shows some promising signs.
Outlook of the Bitcoin Mining Sector
The Bitcoin Mining Council (BMC) is a voluntary forum containing companies engaging in BTC mining. However, they commit themselves to searching for methods for mining to become a clean business. Nevertheless, it seems their investments are paying off as BTC mining sees a significant change in the percentage of renewable energies used.
Apparently, the total hash rate of BTC mining was one of the things that increased the most in their data. At the start of 2022, the BTC mining sector had a total hash rate of 24 EH. However, this metric increased by more than 70% to reach 158 EH in Q2 2023. The year-on-year increase of this metric is very massive for the BTC mining sector, and it generates good feelings.
Improvement in Bitcoin Mining Use of Renewable Energy
One of the good things about the stats the Bitcoin Mining Council provides is the improvements in renewable energy usage. It was very much surprising the rate at which BTC miners went to use clean energy. About 63.1% of renewable energy featured in the mining process of all the members of the BMC forum. Moreover, the members of this organization are spread across 6 continents.
Even when using electricity, BTC miners tried to integrate the best renewable energy practices. Apparently, this is why the global BTC mining industry’s sustainable electricity mix is 59.9%. This is undeniably huge for the sector.
Bitcoin Network More Efficient
Argo Blockchain, BitDeer, Bitfarms, Celsius Network, and Consensus Mining are some examples of members of the BMC forum. Their activities in the Bitcoin mining sector are improving the network. In fact, the technological efficiency in the global Bitcoin Network has also risen by an estimated 24% year-on-year. Furthermore, the technological efficiency increased to about 26. 1 EH per GW.
In conclusion, the Bitcoin mining sector seems to be making massive progress with the amount of harmful energy they release. They are circumventing these by adding more renewable energy to their mining setup. In fact, about 63.1% of renewable energy featured in the mining process.
