Mining Report Shows Bitcoin’s Electricity Consumption Decreased by 25% in Q1 2022

Late last May, Tesla’s Elon Musk convinced bitcoin industry leaders to create the Bitcoin Mining Council (BMC), and in mid-July BMC launched its public services and website. On April 25, 2022, the organization released a report looking at sustainable energy improvements in the bitcoin mining industry for the first quarter of 2022. The BMC report findings show that in the first quarter of 2022, bitcoin’s energy use decreased by 25% from the previous year.

The Bitcoin Mining Council released its first quarter 2022 report, which shows a steady energy balance and technological efficiency in the mining industry

According to the latest Bitcoin Mining Council (BMC) data, the bitcoin mining industry continues to improve sustainable energy and technological efficiency. The Q1 2022 study, conducted by BMC, presents three metrics that include: “energy consumption, technological efficiency, and sustainable energy mix.” BMC researchers were able to study approximately 50% of the grid’s hash power, which was 100.9 exahash per second (EH/s) as of March 31, 2022.

The voluntary sector survey showed that of all participants, 64.6% use power with a sustainable energy balance. “Based on this data, we can conclude that sustainable electricity use in the global bitcoin mining industry is now 58.4%, or has increased approximately 59% year over year from Q1 2021 to Q1 2022, making it one of the most sustainable industries in the world,” the BMC report highlights.

Core Scientific co-founder: “The world needs to know the real facts about the amount of energy the bitcoin network consumes and the carbon it emits.”

Microstrategy CEO Michael Saylor also made a statement in BMC’s fourth quarter report. “In the first quarter of 2022, the Bitcoin network’s hash rate and associated security improved by 23% over last year, and energy usage decreased by 25%,” said Microstrategy’s CEO and BMC member. “We saw a 63% year-over-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the exodus of China, and the widespread adoption of sustainable energy and modern bitcoin mining techniques,” added Saylor.

In addition to Saylor’s comment, the report quotes Core Scientific co-founder Darin Feinstein. The Core Scientific executive explained how the number of BMC participants has grown over the past 12 months. “The hash rate of BMC participants has increased from 29 EH at inception to 101 EH in the first quarter of 2022,” Feinstein said. “In just one year, BMC now represents 50% of the global Bitcoin mining network with members on five continents.” Feinstein concluded:

Since sunlight is the best disinfectant, it’s important that the world learns the real facts about the amount of energy the Bitcoin network uses and the carbon it emits. We hope honest journalists fulfill their obligation to provide truthful media and news with this groundbreaking data available to all.

The Bitcoin Mining Council also shared a video about the results of BMC’s latest report, which you can watch hereThe video presentation features Core Scientific representatives Darin Feinstein and Taras Kulik, as well as Nick Carter of Castle Island and Microstrategy CEO Michael Saylor.

What do you think of BMC’s fourth report, which discusses power consumption in the Bitcoin mining industry, technological efficiency and a sustainable energy mix. Let us know what you think about it in the comments section below.

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