Has Bitcoin Mining Become More Sustainable According to Mining Council’s Survey?

8:26 am, Wed, 19 January 22

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The impact of Bitcoin mining on the environment was one of the biggest concerns last year. This concern led the electric car manufacturer Tesla, to discontinue the option where people could purchase the vehicles using BTC.

However, soon after the Chinese crackdown on Bitcoin mining in the country, the miners moved to crypto-friendly countries and thus got access to a variety of eco-friendly mining options. These options opened new doors of opportunities for the miners and made BTC mining more sustainable than before.

According to a survey conducted by the Bitcoin Mining Council during the Q4 of 2021, the BTC mining energy efficiency and sustainability have greatly improved. The impact of mining, not just Bitcoin but other crypto assets has been a topic of debate for quite some time. However, using various renewable energy resources seems to have made a difference.

This is likely to divert the attention of a larger audience towards the crypto space as the impact on the environment is reducing. If you are also interested in buying BTC then make sure you choose the best Bitcoin exchanges.

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What to Know About Bitcoin Mining Council and the Survey?

The Bitcoin Mining Council (BMC) was established in May 2021. It is a voluntary global forum of BTC mining companies such as:

  • Bit Digital
  • Bitfarms and Atlas Mining
  • BitFury

The founder and CEO of MicroStrategy, Michael Saylor, is a key member of the Bitcoin Mining Council and shared the findings of BMC’s survey on Twitter.

The BMC shared the results of its Q4 survey yesterday. According to the survey, the percentage of the BTC mining industry on a global scale that now runs on renewable power increased from 1% to 58.5% in the last quarter of 2021.

The survey focused on measuring three aspects:

  • Electricity consumption
  • Sustainable power mix
  • Technological efficiency

Michael Saylor also noted:

This quarter we saw the trend continue with dramatic improvements to Bitcoin mining energy efficiency & sustainability due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and worldwide rotation toward sustainable energy and modern mining techniques.”

Thanks to the findings of this survey, the U.S. Congress will now be taking a closer look at the impact of mining operations on the environment.

What Should Potential Crypto Investors or Traders Know?

Mining operations do require a lot of energy. Previously, the energy required had a negative impact on the environment. However, after exploring various renewable energy resources, the impact of BTC mining has greatly reduced and is anticipated to be eliminated.

Bitcoin is the flagship cryptocurrency and has a high significance. Its price has also been fluctuating more than many had expected, however, its value seems to remain intact.

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