The Bitcoin Mining Council has announced the result of its second-quarter survey. The survey reveals that the global bitcoin mining industry’s sustainability electricity mix is 59.5%.
A sustainability mix of 59.5% means that it is the 5th quarter in a row when Bitcoin’s power mix is above 50%. In the May of 2021, Tesla stopped accepting Bitcoin transactions citing environmental concerns. He revealed that a consistent dependence on renewable energy for more than 50% of Bitcoin mining would be the parameter for the resumption of Bitcoin as a mode of payment.
Bitcoin Mining: Technological and Energy Progress
Bitcoin mining has long been criticized for its energy usage. Bitcoin’s consensus mechanism, Proof-Of-Work, is designed to encourage competition among miners, leading to extravagant energy usage. However, recent data suggests that Bitcoin has made considerable progress.
The Bitcoin Mining Council collects data from over 50% of the global Bitcoin network and is a pretty good representation of the network as a whole.
The survey by BMC reveals that global mining’s sustainable power mix has increased by more than 6% in the last year. The survey also reveals that Bitcoin’s technological efficiency has gone up by 46% to 21.1 EH.
