The BMC was very proud to present its first quarterly report that its members were using energy with a 67% sustainable power mix while the global Bitcoin Network was using electricity with a sustainable power mix of 56%, which is more than the United States, EU, Germany, and Canada. This means that Bitcoin mining utilizes more sustainable energy, whereas countries are relying on fossil fuels or other non-renewable sources to a higher degree to fulfill their needs.
Something that kept being brought up among critics of Bitcoin was that the energy being acquired even though renewable, was still a lot. This graph completely throws that narrative out of the window as it barely makes 0.1% of the world’s total energy. It is also reassuring that 0.4% of the world’s energy that would probably never be used is being utilized by Bitcoin mining.
Even when you compare the two surveys, the difference is massive in sustainable energy usage and hashrate size, and this is just the beginning. Companies are also on the hunt for cheaper and renewable alternatives to traditional fossil fuels. It is important to note that the report was based on a three-question survey of 32% of the miners on the network, according to Cointelegraph.
Daron Feinstein, a key member of the BMC and also the founder of Blockcap, has mentioned how Bitcoin has continued to triumph despite China shutting down over 60% of the global Bitcoin network, it has experienced zero downtime and has registered no bankruptcies. Bitcoin’s big crackdown in China will also play a big role as we will see more miners in America using more sustainable energy instead of coal or other fossil fuels. The hashrate drop of 50% is going to see great recovery and will also increase the percentage of sustainable energy used in the next survey. We will probably see a big hashrate recovery followed by more sustainable energy usage in the near future.