Recently, the Bitcoin Mining Council (BMC) disclosed the outcomes of its survey for the first half of 2023, showcasing advancements made by the sector in terms of power consumption, technological efficiency, and eco-friendly energy practices. Additionally, the survey discloses that the BMC constitutes 43.4% of the worldwide mining network.
Key Findings from the Latest Bitcoin Mining Council Survey
On August 9, 2023, the Bitcoin Mining Council, a collaborative global consortium comprising bitcoin (BTC) mining firms and related enterprises, shared the results of its latest survey. The survey, which concentrates on power usage, technological efficiency, and the integration of sustainable energy sources, unveils that the BMC’s combined mining power has risen from 24 exahash per second (EH/s) in Q1 2022 to 158 EH/s in Q2 2023.
The survey underscores a notable shift toward the use of sustainable energy within the bitcoin mining domain. BMC members are utilizing electricity with a 63.1% blend of sustainable power sources, signifying a positive trend in terms of environmental responsibility.
According to the report, “These findings suggest that the global bitcoin mining sector has marginally enhanced its utilization of sustainable electricity to 59.9%, solidifying its position as one of the most eco-conscious industries worldwide.”
Furthermore, when observing year-on-year metrics, the worldwide Bitcoin network’s technological efficiency has grown by 24%, escalating from 21.1 EH/s per gigawatt (GW) in the first half of 2022 to 26.1 EH/s per GW during the corresponding period of 2023.
Ben Gagnon, Chief Mining Officer of Bitfarms, remarked, “As we enter 2023, the Bitcoin network stands at its most robust and secure juncture. Despite the challenges faced in the latter part of 2022, the industry has continued to introduce new miners, resulting in increased hash rates, enhanced energy efficiency, and bolstered network security.”
“During H1 2023, we have also noted a substantial surge in curtailment. BMC members have reported that 2.5 GW of Bitcoin mining operations were engaged in curtailment programs, releasing 815 GWh of energy back to local grids during peak demand periods.”
Gagnon further explained that a significant portion of this curtailment is concentrated in the United States and Canada, where the available interruptible load corresponds to approximately a quarter of all installed utility battery storage in these two nations. Through such initiatives, Bitcoin mining emerges in various regions as a crucial instrument for stabilizing power grids and functioning as the “last-resort buyer,” as articulated by Gagnon.
Frequently Asked Questions (FAQs) about sustainable growth
What does the recent Bitcoin Mining Council survey reveal?
What is the significance of the BMC’s membership hashrate increase?
How has the bitcoin mining industry embraced sustainable energy?
The survey highlights that BMC members are utilizing electricity with a 63.1% sustainable power mix, demonstrating a positive trend towards environmental consciousness.
How has the technological efficiency of the global Bitcoin network changed?
Comparing year-on-year data, the global Bitcoin network’s technological efficiency has risen by 24%, increasing from 21.1 EH/s per gigawatt (GW) in H1 2022 to 26.1 EH/s per GW in H1 2023.
What role does curtailment play in the industry?
More about sustainable growth
- Bitcoin Mining Council Official Website
- Bitcoin Energy Consumption Index
- Bitcoin’s Sustainable Growth: Mining Council’s Survey