The bitcoin mining sector continues to enhance its renewable energy use and technological efficiencies, according to the recent Bitcoin Mining Council (BMC) report.
Three indicators are highlighted in the BMC’s Q1 2022 survey: “electricity consumption, technical efficiency, and reliable energy mix.”
On March 31, 2022, BMC researchers were able to scan nearly half of the network’s hash power, which amounted to 100.9 exahash per second (EH/s).
According to the volunteer sector survey, 64.6 percent of participants use electricity with a reliable power mix.
“Based on this data, it is projected that the worldwide bitcoin mining sector’s sustainable power mix is now 58.4 percent, or has climbed nearly 59 percent year-on-year, from Q1 2021 to Q1 2022,” according to the BMC research.
In the fourth quarterly BMC report, Microstrategy CEO Michael Saylor also made a remark. “In the first quarter of 2022, the Bitcoin network’s hash rate and related security improved by 23% year over year, while energy usage reduced by 25%,” stated the Microstrategy CEO and BMC member.
“We saw a 63 percent gain in performance year over year due to improvements in semiconductor technology, the explosive growth of North American mining, the China Exodus, and the global adoption of sustainable energy and contemporary bitcoin mining processes,” Saylor explained.
In addition to Saylor’s comments, Darin Feinstein, the co-founder of Core Scientific, was quoted in the piece.
The BMC participation has risen in the last 12 months, according to the Core Scientific management. “Since its establishment, the BMC membership hash rate has climbed from 29 EH to 101 EH in Q1 2022,” Feinstein added.
“In just one year, the BMC has grown to represent 50% of the worldwide Bitcoin Mining Network, with members from five continents.”
Feinstein came to this conclusion: “Because sunlight is the best disinfectant, it is critical for the rest of the world to learn the truth about the Bitcoin Network’s energy use and carbon emissions.”
“We hope that people with journalistic integrity uphold their commitment to providing accurate media and news by making use of this groundbreaking data, which is freely available to the public,” he added.
The Bitcoin Mining Council also released a video detailing the conclusions of the newest BMC study, which can be viewed here. Darin Feinstein and Taras Kulyk of Core Scientific, as well as Nic Carter of Castle Island and Michael Saylor of Microstrategy, are included in the video presentation.
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