The Bitcoin mining council (BMC) unveils the results of its survey showing a mostly green Bitcoin in terms of energy consumption.
A greening survey for Bitcoin
The Bitcoin mining council published figures estimating the consumption of renewable energy in Bitcoin mining in a press release dated July 1, 2021. One of the goals of this newly created organization is to promote transparency about Bitcoin’s energy consumption.
The figures cited in the BMC report are the results of a survey of more than 32% of the network’s miners, mostly American. In it, the BMC defines sustainable electricity as “hydro, wind, solar, nuclear, geothermal and carbon-based power generation with net carbon credits.” This definition is based on the principles of Net Zero by 2050, from the International Energy Agency.
The study’s findings indicate that “BMC members and survey participants currently use electricity with a sustainable energy mix of 67%.” This figure increases to 56% after extrapolating for the entire Bitcoin network. However, The Block media considers this generalization too optimistic given the nature of the extrapolation and the methodology used.
Criticism is levelled at the fact that the survey relied heavily on the responses of BMC members, and that the figures given were not checked in any way. The survey also focused on only 3 questions: ” 1.) How much electricity does your total fleet consume today? 2.) What is the total percentage of sustainable electricity in your fleet’s power generation mix today? 3.) What is the total aggregated hash rate of your fleet today? “.
The miners’ will is enough
MicroStrategy CEO Michael Saylor, who can be considered one of the fathers of the CMB, expressed his satisfaction with the willingness of Bitcoin miners to provide “critical information to the general public and policy makers.
He said the survey helps “clarify common misconceptions about the nature and extent of Bitcoin’s energy use.
It will be recalled that the BMC slammed the door in Elon Musk’s face. Despite this open hostility towards the latter, does the Miners’ Council still want to convince the billionaire of a green Bitcoin to re-accept Bitcoin as a means of payment for Tesla vehicles?
Will these numbers end the debate about whether Bitcoin is green or polluting, or will they only serve to inflame it? Some are talking, others are acting, like Feel Mining, which has taken up the challenge of an environmentally friendly offer.