Bitcoin mining becomes more sustainable: Mining Council’s Q4 survey

According to fresh data, the percentage of the worldwide Bitcoin mining business that uses renewable energy climbed by 1% to 58.5 percent in the fourth quarter of 2021.

On January 18, the Bitcoin Mining Council (BMC) released the results of its fourth-quarter survey.

Three indicators were examined in the survey: the sustainable power mix, technical efficiency, and electricity usage.

The BMC is a voluntary global forum of Bitcoin mining businesses such as Bit Digital, BitFury, Bitfarms, and Atlas Mining, as well as other industry organizations, that was founded in May 2021.

MicroStrategy’s Founder and CEO, Michael Saylor, a major member of the BMC, stated:

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

The environmental effects of Bitcoin mining have been hotly disputed for some time, and the United States Congress is currently planning to examine the energy impacts of Proof of Work blockchains in detail. At a hearing on Jan. 20, the House Committee on Energy and Commerce announced important witnesses to speak on the energy and environmental consequences of crypto mining.

Brian Brooks, the CEO of BitFury, Ari Juels, a Cornell Tech professor, and John Belizaire, the CEO of Soluna Computing, are among the notable witnesses.

As pressure from the public, shareholders, and governments grows, bitcoin miners are increasingly exploring for sustainable energy sources. Investors such as Shark Tank’s Kevin O’Leary, or Mr. Wonderful, say they want to buy stocks in mining businesses that use renewable energy.

Nuclear energy is one avenue that could be pursued further. Vice President of Griid Harry Sudock stated nuclear energy could present an opportunity to introduce vast volumes of clean, carbon-free energy at the Bitcoin & Beyond Virtual Summit in early November.