The Bitcoin Mining Council solves the problem of sustainable energy use! | Author: Dwayne D’cunha | The Capital | July 2021
BMC is proud to present its first quarter report The energy used by its members has a 67% sustainable energy structure, while the energy used by the global Bitcoin network has a 56% sustainable energy structure, surpassing the United States, the European Union, Germany and Canada. This means that Bitcoin mining uses more sustainable energy sources, and countries rely on fossil fuels or other non-renewable energy sources to meet their needs to a higher degree.
Some of the things that critics of Bitcoin keep raising are that even with renewable energy, there is still a lot of energy available. This picture completely puts aside the story, because it only accounts for 0.1% of the world’s total energy. It is also gratifying that 0.4% of the world’s energy that may never be used is being used by Bitcoin mining.
Even comparing these two surveys, there are huge differences in sustainable energy use and computing power, and this is just the beginning. The company is also looking for cheaper and renewable alternatives to traditional fossil fuels.It’s worth noting that the report is based on a three-question survey of 32% of miners on the network. telegraph.
Daron Feinstein, an important member of BMC and founder of Blockcap, once mentioned that although China has shut down more than 60% of the global Bitcoin network, how Bitcoin continues to win, it has experienced zero downtime and has not gone bankrupt. The large-scale attack on Bitcoin in China will also play an important role, as we will see more American miners use more sustainable energy instead of coal or other fossil fuels.This Decrease in computing power 50% will see a big recovery and will also increase the percentage of sustainable energy used in the next survey. In the near future, we may see a substantial recovery in computing power, followed by more sustainable energy use.