Monday, October 25

Bitcoin (BTC) Mining Council Paints a Positive Picture on Sustainable Energy

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The Bitcoin Mining Council (BMC) has published its first research for the energy used by the Bitcoin network.

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BMC is a new project set out with the goal of setting new standards for transparency in Bitcoin’s increasingly controversial energy use.

BMC claims to have collected data from over 32% of the current global Bitcoin network in its first volunteer survey.

The findings suggest that the global Bitcoin ecosystem uses 56% sustainable energy. Still, the nature of the extrapolation and methodology illustrates how the survey’s result can be overly optimistic.

The research was largely based on the responses of BMC members and included only three questions according to the methodology.

  • How much electricity does your total fleet consume today?
  • What is the total percentage of sustainable electricity in the electricity your fleet uses today?
  • What is the total hash rate of your fleet today?

In addition to the fact that the responses are voluntary, the research does not include the definition of “sustainable electricity” and there is no oversight in the figures reported. This makes it difficult to draw valid conclusions.

The research comes just after China terminated its mining activities within the country. It is worth remembering that with the cessation of operations in China, the Bitcoin hash rate has also dropped seriously.

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