{"id":3705,"date":"2022-04-27T14:11:27","date_gmt":"2022-04-27T14:11:27","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=3705"},"modified":"2022-04-27T14:11:28","modified_gmt":"2022-04-27T14:11:28","slug":"mining-report-shows-bitcoins-electricity-consumption-decreased-by-25-in-q1-2022","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3705","title":{"rendered":"Mining Report Shows Bitcoin&#8217;s Electricity Consumption Decreased by 25% in Q1 2022"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>At the end of May last year, Tesla\u2019s Elon Musk convinced bitcoin industry leaders to form a Bitcoin Mining Council (BMC) and in mid-July, the BMC launched its public services and website. On April 25, 2022, the organization published a report that discusses the bitcoin mining industry\u2019s improvements in sustainable energy use during the first quarter of 2022. The BMC report\u2019s findings show Bitcoin\u2019s electricity usage dropped by 25% in Q1 2022 compared to the year prior.<\/strong><\/p>\n<h2>Bitcoin Mining Council Publishes Q1 2022 Covering Mining Industry\u2019s Sustainable Power Mix and Technological Efficiency<\/h2>\n<p>According to the latest Bitcoin Mining Council (BMC) report, the bitcoin mining industry continues to improve its sustainable energy use and technological efficiency. The Q1 2022 survey conducted by the BMC, showcases three metrics which include: \u201celectricity consumption, technological efficiency, and sustainable power mix.\u201d BMC researchers managed to survey roughly 50% of the network\u2019s hashpower, which represented 100.9 exahash per second (EH\/s) on March 31, 2022.<\/p>\n<p>The voluntary sector survey indicated that out of all the participants 64.6% leverage electricity with a sustainable power mix. \u201cBased on this data it is estimated that the global bitcoin mining industry\u2019s sustainable electricity mix is now 58.4% or had increased approximately 59% year-on-year, from Q1 2021 to Q1 2022, making it one of the most sustainable industries globally,\u201d the BMC report highlights.<\/p>\n<h2>Core Scientific Co-Founder: \u2018The World Needs to Get the Real Facts About the Amount of Energy Used and Carbon Released by the Bitcoin Network\u2019<\/h2>\n<p>Microstrategy\u2019s CEO Michael Saylor also made a statement in the fourth quarterly BMC report. \u201cIn the first quarter of 2022, the hashrate and related security of the Bitcoin network improved by 23% year-on-year, while energy usage decreased 25%,\u201d the Microstrategy executive and BMC member said. \u201cWe observed a 63% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide adoption of sustainable energy and modern bitcoin mining techniques,\u201d Saylor added.<\/p>\n<p>In addition to Saylor\u2019s commentary, the report quoted the co-founder of Core Scientific, Darin Feinstein. The Core Scientific executive explained how the BMC membership has grown over the last 12 months. \u201cThe BMC membership hashrate increased from 29 EH at its inception, to 101 EH in Q1 2022,\u201d Feinstein said. \u201cIn only one year\u2019s time, the BMC now represents 50% of the global Bitcoin Mining Network with members spread across 5 continents.\u201d Feinstein concluded:<\/p>\n<p>As sunlight is the best disinfectant, it is important for the world to get the real facts about the amount of energy used and carbon released by the Bitcoin Network. We hope that those with journalistic integrity honor their commitment to providing truthful media and news with use of this ground-breaking data, accessible to all.<\/p>\n<p>The Bitcoin Mining Council also shared a video about the latest BMC report findings which can be seen here. The video presentation includes Core Scientific\u2019s Darin Feinstein and Taras Kulyk, alongside Castle Island\u2019s Nic Carter and Microstrategy\u2019s CEO Michael Saylor.<\/p>\n<p>Tags in this story<\/p>\n<p>25% reduction, Bitcoin mining, Bitcoin Mining Council, Bitcoin Mining Network, BMC, BMC member, BMC membership, BTC Mining, Core Scientific, Cryptocurrency, Darin Feinstein, electrical consumption, electricity bitcoin, Elon Musk, Hashpower, Hashrate, michael saylor, Microstrategy\u2019s CEO, objectives, sustainable power mix, technological efficiency<\/p>\n<p><em><strong>What do you think about the fourth BMC report that discusses the Bitcoin mining industry\u2019s electricity consumption, technological efficiency, and sustainable power mix? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n<p>Jamie Redman <\/p>\n<p class=\"article__body__author__info__about\">\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.<\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/mining-report-shows-bitcoins-electricity-consumption-decreased-by-25-in-q1-2022\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the end of May last year, Tesla\u2019s Elon Musk convinced bitcoin industry leaders to form a Bitcoin Mining Council (BMC) and in mid-July, the BMC launched its public services and website. On April 25, 2022, the organization published a report that discusses the bitcoin mining industry\u2019s improvements in sustainable energy use during the first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-3705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3705"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3705\/revisions"}],"predecessor-version":[{"id":3707,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3705\/revisions\/3707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3706"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}