Bitcoin Mining Report Claims Miner Energy Consumption Mix 56% Sustainable in Q2 – Mining Bitcoin News

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There has been significant focus in the past three months on the impact of Bitcoin mining on the global environment. While many have claimed that Bitcoin mining is bad for the environment and many others have stressed that it definitely has a positive effect on the environment, most rely on unreliable and old data from a few years ago. On July 1, 2021, the recently formed Bitcoin Mining Council released a report claiming that 56% of the hashrate use sustainable energy resources.

Will Elon Musk bow down? Report claims that Bitcoin miner’s energy consumption is 56% sustainable

Bitcoiners hope that Elon Musk has noticed a new report from the Bitcoin Mining Council (BMC) showing that more than half of the hashrate is using sustainable energy to mine Bitcoin. BMC released the report on July 1, 2021, and once it was online it started showing posts about Elon Musk, who changed his mind.

“Tesla said they would not accept BTC again until energy usage reaches 50% from renewable energies,” a Redditor said on Saturday. “Now that BTC uses 56% renewable energy, I wonder if Tesla will accept BTC again anytime soon.” The Reddit post “Tesla Accepts Bitcoin Again” on r / bitcoin has received more than 5,700 upvotes.

Bitcoin mining report claims miners' energy use is 56% sustainable in the second quarter

The BMC report states that in its very first ever voluntary survey, the organization collected information on miners using sustainable energy from “over 32 percent of the current global Bitcoin network.” The results of the survey show that the members of the BMC use electricity “with a sustainable electricity mix of 67%”. The BMC report states:

Based on this data, it is estimated that the global mining industry’s sustainable power mix rose to around 56 percent in the second quarter of 2021, making it one of the most sustainable industries in the world.

Microstrategy CEO: “Report pulls data from miners around the world”

The data is very different from the Coinshares report published over three years ago and the unreliable data from the Cambridge Bitcoin Electricity Consumption Index (CBECI) and the digiconomist.net index. Both digiconomist and Cambridge data show significant discrepancies between the two electricity usage estimates and both have mining maps that have not been updated since April 2020.

Microstrategy and its CEO Michael Saylor, a member and founder of the BMC, were delighted with the results.

“I am pleased to see that the Bitcoin mining industry has come together voluntarily to provide critical information to the public and policy makers, particularly when it comes to clearing up common misconceptions about the nature and extent of Bitcoin energy consumption.” said Saylor. “This survey – the first quarterly release of many that we expect – is based on data from miners around the world. As I mentioned earlier, that doesn’t mean the Bitcoin network needs to be disorganized just because the Bitcoin network is decentralized, “added Saylor.

The BMC consists of members such as Blockware Solutions, CCU.ai, Celsius Network, Compute North, Core Scientific, Enegix, Frontier Mining, Galaxy Digital, Hive Blockchain, Ankr, Argo Blockchain, Atnorth, Bit5ive LLC, Bitfarms, Bitfury, Bitquest, Bitriver , Blockcap, HMTech, Hut8, Marathon Digital Holdings, New Data Ventures LLC, Riot Blockchain and SBI Crypto. BMC spokesman Saylor also posted a video covering some of the data found in the global mining report.

What do you think of the fact that the use of green energy in Bitcoin mining has increased to 56%? Let us know what you think on this matter in the comments below.

Tags in this story

Ankr, Argo Blockchain, Atnorth, Bit5ive LLC, Bitcoin, Bitcoin Mining, Bitcoin Mining Council, Bitfarms, BitFury, Bitquest, BMC, BTC Mining, Cambridge, CBECI, Coinshares, Digiconomist, Electricity, Electricity Consumption, Elon Musk, GREEN Energy, Hashpower, Hashrate, Michael Saylor, Micro Strategy, Legacy Data, Sustainable Energy, Tesla

Photo credit: Shutterstock, Pixabay, Wiki Commons, BMC,

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