BTC mining would consume 0.38% of the energy wasted globally, reveals Bitcoin Mining Council report – DiarioBitcoin

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BTC mining would consume 0.38% of the energy wasted globally, reveals Bitcoin Mining Council report - DiarioBitcoin By Angel Di Matteo @shadowargel

Among other data, the Bitcoin Mining Council estimates that 65% of unionized mining companies make use of renewable energies, and that the single network BTC it would only consume 2.8% of the wasted electricity in the US alone.

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The organization co-founded by Elon Musk and Michael Saylor to address the environmental issues associated with mining BTC, the Bitcoin Mining Council (BMC), published a new report in which it details some data on this practice, revealing that it barely consumes 0.38% of the energy that is currently wasted in other practices.

This was revealed by the report published by the Bitcoin Mining Council, in which he details that digital currency mining consumes about 188 TW / h at present, representing a proportion of 0.38% of the global total of 50,000 TW / h not used efficiently, which are simply lost after being generated .

Going deeper into these metrics, the analysis presented by the researchers puts into perspective the situation that is occurring in the United States, a country that currently concentrates most of the network’s mining activity Bitcoin, where 65% of the electrical energy produced is lost or wasted. Here the researchers propose that if the digital currency uses this misused electricity, it would barely make use of a portion equivalent to 2.8% of that percentage.

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Emphasis on the use of renewable energy

The results of this research come out months after Tesla choose to suspend the receipt of Bitcoin payments for their vehicles, precisely citing the environmental impact generated by transactions through the network.

Following this announcement, Elon Musk, Michael Saylor and other figures announced the creation of the Bitcoin Mining Council, a non-profit organization whose main objective is to promote the adoption of renewable energies in the mining of the main digital currency.

Regarding the adoption of renewable energies, the report published by the BMC details that the emphasis on the use of said electricity gained more force after China officially prohibited this type of practices at the local level, which led to a significant exodus of companies to other latitudes, mainly in the United States, to incorporate significant changes in their operating models.

More environmentally friendly than other practices

After this migration process and surveys in which 65.9% of the companies under the BMC make use of renewable energy, the organization’s CEO, Michael Saylor, commented:

“Bitcoin mining is not just more sustainable than any country. It also makes more efficient use of energy… and this is a negligible use of electricity compared to any other industry ”.

This point goes hand in hand with the allegations made by analysts and enthusiasts of Bitcoin, which detail that despite the fact that the digital currency is considered as the new “Digital gold”Its mining is much more environmentally friendly than the extraction of gold, the main precious metal currently classified as a store of value.

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Another point made in this vein is that mining Bitcoin, Despite consuming about 188 TW / h according to recent surveys, it generates less consumption than the traditional financial ecosystem and all the companies that make a living within it. Even critics have also pointed out that this activity is even more environmentally friendly than the printing of more money by the more stable economies.

If you want to see more data about mining Bitcoin today, you can view the presentation by Michael Saylor by clicking here.


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Source: Finbold, Youtube

Version by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

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