Bitcoin mining uses 56% green energy, mining council says

The findings come at a time when bitcoin mining faces severe backlash owing to its high energy consumption properties.   | Photo Credit: Reuters

Energy consumption arising from bitcoin mining has been a highly debated topic. However, new data shows that 56% of energy used in global bitcoin mining in the June-ended quarter has come from renewable resources.

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The Bitcoin Mining Council, a voluntary global forum for mining companies and other bitcoin companies, conducted a survey of 32% of the current global bitcoin network to estimate global consumption patterns.

Global bitcoin mining consumes just 0.1% of the world’s energy production, the survey noted. Moreover, while 65% of all energy used to generate and distribute electricity in the U.S. is lost or wasted, only 2.8% of the wastage comes from bitcoin mining.

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The percentage of sustainable energy used in global bitcoin mining is also higher than the percentage in several countries including the U.S., Germany, China and India, the survey added.

The findings come at a time when bitcoin mining faces severe backlash owing to its high energy consumption properties. Carbondioxide emissions caused by mining were in line with the levels produced by countries like Sri Lanka and Jordan, according to a 2019 research paper titled ‘Carbon Footprint of Bitcoin’ published in the scientific journal Joule.

“Bitcoin mining uses a negligible amount of energy, is rapidly becoming more efficient, and is powered by a higher mix of sustainable energy than any major country or industry,” the council stated.

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The Bitcoin Mining Council was formed to promote energy usage transparency and accelerate sustainable mining worldwide. Founding members include executive from several crypto companies including MicroStrategy, Argo Blockchain and Hive.

The website went live last week, but clarified that Tesla CEO Elon Musk has no role to play in the council. “The extent of his involvement was joining an educational call with a group of North American companies to discuss bitcoin mining,” the website noted.

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Printable version | Sep 27, 2021 11:26:40 AM |

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