Study finds 56% share of green energy in Bitcoin mining industry

In the second quarter of 2021, the share of green energy in the global Bitcoin mining industry stood at 56%, according to the Bitcoin Mining Council (BMC) in its first report.

The BMC comprises 23 companies, representing 32% of the network’s hashrate. According to a survey among association members, the share of renewable energy in their operations stood at 67.6%.

Extrapolating these data to the global Bitcoin mining industry, the BMC concluded that the overall energy consumption mix was 56%.

The results largely depended on the responses from BMC members. The study included three questions:

• How much electricity does your mining fleet consume?
• What is the overall percentage of clean energy in your fleet’s energy mix?
• What total hashrate does your fleet generate?

“Bitcoin mining uses a small amount of energy, is becoming more efficient rapidly and relies more on sustainable energy than any major country or industry,” according to a BMC press release.

The organization notes that the mining industry accounts for 0.1% of global energy production and 0.4% of energy wasted due to inefficiencies.

In May 2021, North American mining companies decided to form an organization to promote green energy in the cryptocurrency mining industry.

In June BMC began operations. Its members agreed to share energy-use and hashrate data for research and educational purposes.

BMC Q2 2021 Materials by ForkLog on Scribd

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