In Q3 2022, Bitcoin’s network hash rate rose 73% year over year. Energy consumption rose by only 41%, according to the Bitcoin Mining Council (BMC) report.
In Q3 2022, #Bitcoin mining efficiency increased 23% YoY, and sustainable power mix was 59.4%, above 50% for the 6th quarter in a row. The network was 73% more secure YoY, only using 41% more energy, and is now 99% of all crypto hashing power.https://t.co/B0jlkWHYgg
— Michael Saylor⚡️ (@saylor) October 18, 2022
The Bitcoin Mining Council (BMC) was created in May 2021 on the initiative of the then-CEO of MicroStrategy Michael Saylor after a meeting with Elon Musk. Founders also included mining companies Argo Blockchain, Hive Blockchain, Hut 8, Riot Blockchain, Marathon Digital Holdings, Core Scientific, and Mike Novogratz’s Galaxy Digital.
According to the report, participants in the BMC account for 45.4% of Bitcoin’s computing power. The share of green energy in the metric stands at 67.9%.
Based on these data, the organization suggested that in aggregate hashrate, green energy accounts for 59.4% of generation. This is about 3 percentage points higher than a year earlier.
Mining efficiency over this period rose by 23% — from 17.7 EH/GW to 21.7 EH/GW.
“The network has become 73% more secure than a year ago, consuming only 41% more energy, and now accounts for 99% of all crypto hashing power,” wrote Saylor.
In the second-quarter report, the organization said that mining efficiency rose by 46%.
Earlier, researchers from the University of New Mexico, with regard to environmental impact, described Bitcoin as “digital oil”.
The European Commission said that EU member states should prepare to suspend cryptocurrency mining on the Proof-of-Work algorithm, “if there is a need to smooth out load on electrical systems”.
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