Bitcoin Mining Council Q4 Survey: Bitcoin Mining Becomes More Sustainable

According to new data, the proportion of the global Bitcoin mining industry using renewable energy increased by 1% to 58.5% in the fourth quarter of 2021.

The Bitcoin Mining Council (BMC) published the results of its Q4 survey on Jan. 18.

The survey focuses on three indicators: sustainable energy mix, technical efficiency and electricity consumption.

The Bitcoin Mining Council’s Q4 survey confirms improvements in sustainable energy mix and technical efficiency. The estimated sustainable energy mix is 58.5%.

— Michael Saylor ⚡️ (@saylor) January 18, 2022

Founded in May 2021, BMC is a voluntary global forum of Bitcoin mining companies such as Bit Digital, BitFury, Bitfarms and Atlas Mining, and other industry groups.

MicroStrategy founder and CEO Michael Saylor, a prominent member of BMC, noted:

“This quarter we saw improvements in the energy efficiency and sustainability of Bitcoin mining due to advances in semiconductor technology, the rapid expansion of mining in North America, the migration of mining in China, and the global shift to sustainable energy and modern mining technologies. Significant improvement and this trend will continue.”

The voluntary survey gathered information on sustainable energy for miners who account for more than 46% of the global Bitcoin network. According to the survey, members of the Mining Council themselves are utilizing electricity with a sustainable energy mix of 66.1%.

The self-reported data was then used to estimate that the global Bitcoin mining industry had a sustainable energy mix of approximately 58.5% in Q4, an increase of one percentage point from the Q3 figure. The industry’s estimated technical efficiency also rose by 9 percent to 19.3 petahash per megawatt.

Darin Feinstein, co-founder of Core Scientific and BMC, pointed out that the computing power of BMC participating members increased by 77% in the fourth quarter.

The environmental impact of Bitcoin mining has been hotly debated for some time, and the U.S. Congress is now preparing for a thorough review of the energy impact of proof-of-work blockchains. The U.S. House of Representatives Committee on Energy and Commerce has just announced that key witnesses will testify at a hearing on the energy and environmental impact of cryptocurrency mining on Jan. 20.

Notable witnesses include BitFury CEO Brian Brooks, Cornell Tech professor Ari Juels and Soluna Computing CEO John Belizaire.

With increasing pressure from the public, shareholders and governments, more and more bitcoin miners are looking for sustainable energy. Investors such as "Shark Tank" star Kevin O'Leary say they are looking to buy shares of mining companies that use sustainable energy.

One avenue that could be further explored is nuclear energy. Speaking at the Bitcoin & Beyond virtual summit in early November, Griid vice president Harry Sudock said nuclear power could provide an opportunity to bring in a lot of clean, carbon-free energy.

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