In contrast to previous criticisms, Bitcoin mining now appears to be highly sustainable in terms of energy consumption, with the latest data from the Bitcoin Mining Council showing that up to 46 percent of miners were using efficient power sources and methods of mining the cryptocurrency by the end of 2021.
According to statistics collected by the council during the fourth quarter of 2021, the sustainable power mix used in bitcoin mining has reached 66.1 percent. Bitcoin mining technology is also 9 percent more efficient than it was in the third quarter of 2021, with up to 19.3 petahashes per MW.
“This quarter we saw the trend continue with dramatic improvements to Bitcoin mining energy efficiency and 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,” said MicroStrategy CEO Michael Saylor, who started the Bitcoin Mining Council alongside over 17 reputable Bitcoin mining companies.
Members of the BMC now contribute 77 percent of the Bitcoin mining hash rate. The new research will attempt to show Bitcoin mining as a more acceptable business in terms of energy efficiency, as this is frequently cited as a reason for delaying its uptake and utilization.