“Dramatic improvements” to BTC mining “energy efficiency and sustainability”

19 Jan 2022

There has been a rise in the Bitcoin mining industry across the globe running on renewable power, increasing by 1% to 58.5% in Q4 2021 according to new data.

A survey carried out by the Bitcoin Mining Council (BMC) revealed the findings, which focused on three factors: sustainable power mix, technological efficiency and electricity consumption. 

According to the founder and CEO of MicroStrategy, a member of the Bitcoin Mining Council global forum: “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.” 

The poll took into account miners’ sustainable energy data which makes up over 46% of the Bitcoin network around the world. The findings revealed the Mining Council members are utilising electricity with a sustainable energy mix of 66.1%, Cointelegraph reports.

The data then estimates the global Bitcoin mining industry’s sustainable energy mix was likely around 58.5% during the fourth quarter of 2021, a 1% rise over Q3. 

Sustainable energy sources are constantly being considered by Bitcoin miners, on mounting pressure from governments, shareholders and the public. One such focus is nuclear energy. At November’s Bitcoin & Beyond Virtual Summit the vice president of Bitcoin mining company, Griid, Harry Sudock said nuclear energy could be an opportunity to utilise clean, carbon-free energy. He said at the time: “The growth rate is largely focused around solar and wind right now, and that’s just the reality of the programs that have been rolled out over the last eight to 10 years. But what we’d love to see is an expansion of nuclear.”