Bitcoin Mining Council Reveals Q2 2022 Results: An Insight
- The Bitcoin Mining Council (BMC) published their Q2 2022 results revealing a survey on the state of the crypto mining sector
- The global forum collected data from more than 50% of the global Bitcoin Network, representing 107.7 exahash
The global forum of Bitcoin mining companies and other companies in the industry, the Bitcoin Mining Council (BMC), recently published their Q2, 2022 results, containing a survey on the state of the mining sector based on three metrics: its electricity consumption, technological advancements and efficiency, and sustainable power mix.
The survey by BMC collected data from more than 50% of the global Bitcoin Network, representing 107.7 exahash, as of June. It reveals that the participants are using electricity along with a power mix of 66.8% from sustainable energy sources. Based on this information, BMC estimated that the global BTC mining industry currently uses 59.5 percent of sustainable electricity mix or had a growth of about 6 percent year-over-year between Q2 2021 and Q2 2022, bringing it among the most sustainable sectors worldwide.
The survey claims that these metrics are “inconsequential” in terms of global energy consumption and in comparison with other industries operating across the world, as the mining industry uses 15 basis points (bps) or 0.15% of the total global energy and generates 9 bps or 0.09% in carbon emissions.
The co-founder of the mining firm Core Scientific and the BMC, Darin Feinstein, said that the BMC membership hash rate has increased from 37 EH at its inception to 108 EH in the second quarter of this year.
“In only one year’s time, the BMC now represents 50.5% of the global Bitcoin Mining Network with members spread across five continents. As sunlight is the best disinfectant, it is important for the world to get the real facts about the amount of energy used and carbon released by the Bitcoin Network.”
he added.
The BMC, which was founded in May 2021, released its fifth quarterly report along with the survey’s sources and methodology on its official website. The CEO of MicroStrategy, Michael Saylor, commented on survey results and said that the hash rate and related Bitcoin Network security have improved by 137% year-over-year while energy usage has only increased by 63%.
“We observed a 46% year-on-year (YoY) increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide sustainable energy adoption and modern bitcoin mining techniques.”
he added.
The BTC mining industry is still a target of regulators all over the world, despite the BCM’s efforts. In June, the Iranian power authorities decided to cut power access to licensed crypto miners operating in the country.Recently, U.S. Senator Elizabeth Warren demanded Bitcoin mining companies “disclose energy use and emissions.” Moreover, the Swedish central bank has even suggested a Bitcoin and PoW crypto mining ban in the nation.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
