The usage of green energy for BTC mining increased by 52% this year as the organization created to promote renewable energy released its report on the state of the art mining industry as we can see more in our latest bitcoin news today.
The Bitcoin Mining Council’s findings are looking promising at first glance while the report explained that sustainable energy use increased between the first and second quarter of 2021 with a 15% uplift in the network efficiency measured in PH/MW. It was also revealed that the members reported that 67% of the total usage of green energy used to mine BTC comes from sustainable sources which ensure that the lower environmental impact than the one of the industry in other countries like China concentrates most of the BTC hashrate with a huge portion of miners using electricity generated by coal-fired plants.
The additional data shared in the report suggested that maybe the concerns about the environmental impact of BTC mining are being overestimated. For example, the network’s energy consumption represents 0.007% of the world’s total, and 56% of the total global BTC mining is based on sustainable energy. The BTC mining council started as a response to the concerns about the environmental impact of BTC mining so when Musk shared on Twitter the announcement that Tesla will stop accepting BTC as payment due to these issues, Bitcoin embarked into a slump which marked the start of the end of the bullish trend that is maintained since the crash caused by the COVID pandemic.
The approach taken by the researchers is quite hard to comprehend as the data on sustainable energy use and increased efficiency was complied using a three-question survey and documental research using internet sources. Another point to consider is the point made by Larry Cermak who is a director of Research at the Block so Cermak explained that there’s a strong migration of miners that are trying to settle in other regions after china’s crackdown on the industry. Some countries are trying to attract larger miners with the promises of low costs and the use of renewable energy. Miami is relying on nuclear power while Paraguay is trying to woo the miners with its cheap electricity. El Salvador is exploring the use of volcanoes as well as a source of energy but there are already reports that the large-scale Chinese miners are looking to move to a nearby country.
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