Bitcoin mining companies are further adopting green energy, and the sustainable energy mix of global Bitcoin mining has increased by about 59% year-on-year. The Bitcoin Mining Council (BMC) is a group of 44 Bitcoin mining companies that claim they represent 50% of the global Bitcoin network, or 100.9 EH of computing power. The group released a new report on April 25 that included the findings.
The group is led by Bitcoin proponent Michael Saylor, CEO of MicroStrategy. The latest survey of BMC member companies asked how much electricity their companies consume, what percentage of it is generated from hydro, wind, solar, nuclear or geothermal sources, and how much computing power they operate.
BMC estimates that the current sustainable power mix in the global Bitcoin mining industry is 58.4%, down 0.1% from the previous quarter. What’s more, the share of renewable energy has grown substantially from 36.8% in the first quarter of 2021.
It’s worth noting, however, that BMC was only established in June 2021, so it’s unclear how they calculated the 36.8% share of renewables in the first quarter of 2021. Self-reported data from BMC members shows that they use 64.6% of the sustainable electricity mix, and the estimate for global bitcoin mining is based on data from BMC members.