According to a report from the BMC (Bitcoin Mining Council), over 59% of the power used by BTC miners in Q2 2022 came from green energy.
59% Of Energy Used By Bitcoin Miners Now From Green Energy
Recently, the mining council published its Q2 analysis of the BTC mining sector. As per the report, sustainable power usage has grown from Q1 2022 to Q2 2022 by 2%.
Additionally, the BMC said that BTC Mining had joined the list of sustainable industries worldwide. Moreover, the BMC said increased mining efficiency accompanied the increase in sustainable energy.
Furthermore, the Q2 review for BTC Mining hash rate is about 137% year-on-year. Meanwhile, energy usage is up by 63%, showing an increased efficiency of over 46%.
Besides, the council provided detailed information on BTC Mining in a briefing with Michael Saylor. According to Saylor, the energy efficiency of mining has increased by 5,814% in the last eight years.
Besides, BTC mining accounts for only 0.09% of the 34.8 billion metric tons of carbon emissions produced daily. Also, Saylor said the energy usage of BTC highlighted by analysts has been inaccurate.
According to these analysts, BTC would use all the energy internationally. Unfortunately, BTC’s efficiency dynamics have increased.
Increased Demand For Efficient Mining Devices
Also, Fred Thiel, CEO of Marathon Digital Holdings, said mining efficiency is a cycle that will make the industry more energy efficient. Thiel also said the increased price of power is causing miners to be more efficient.
Furthermore, the report also highlighted how the price of Bitcoin has increased energy efficiency. In the last eight years, the energy efficiency of BTC miners has increased tremendously.
As the price of Bitcoin increases, demand for ASIC mining machines increases. Consequently, this leads to more innovation t develop efficient mining machines.
Besides, efficient devices are profitable and cost-effective. Also, this helps to drive out inefficient machines from the market, thereby creating room for only efficient devices.
Meanwhile, the BMC obtained the data for the report from its members. These members account for over 50.5% of BTC mining hash power worldwide.
Furthermore, lawmakers in the US have shown great interest in BTC Mining. They have criticized the BTC mining process for its large energy consumption.
Last week, about six lawmakers addressed a letter to the EPA (Environmental Protection Agency) and DOE (Department of Energy). In the letter, they asked both entities to ask mining firms to report their energy and emission usage.