Recent reports by the Bitcoin Mining Council (BMC) show that the percentage of the global Bitcoin mining industry running on renewable power has increased by 1% to 58.5% in Q-4 of Y 2021, thereby pushing a positive narrative for the sector.
The BMC announced the findings of its Q-4 survey on 18 January where MicroStrategy CEO Michael Saylor pointed out that the total use of energy for Bitcoin (BTC) mining is inconsequential and that it is rapidly becoming more efficient.
The BMC survey compiled sustainable energy information from miners including more than 46% of the global Bitcoin network. As per the recorded data, the members of the Mining Council itself are harnessing electricity with a sustainable energy mix of 66.1%.
Bitcoin mining energy usage is 0.142% when compared to the world’s total energy.
That said, ahead of the House Energy and Commerce Oversight Subcommittee’s hearing on ‘Cleaning Up Cryptocurrency’ scheduled for 20 January, the findings of the BMC could play an important role in tipping the scales in favor of BTC.
Have a prosperous day, Keep the Faith!