- Bitcoin Mining Council was founded by Michael Saylor and Darin Feinstein.
- According to a survey, BTC mining is 59.5% sustainable.
- BMC represents over half of the Bitcoin mining network.
Sustainability In Bitcoin Mining
Several experts, environmentalists and people around the globe are concerned about how Bitcoin mining is affecting the environment. It is believed that mining the crowned crypto asset can take as much power as providing electricity to a nation like Argentina. But facts from a recent survey tells a different story.
As per a survey conducted by Bitcoin Mining Council. The digital asset is 59.5% sustainable. The survey primarily focused over the power consumption and tech efficiency of the crowned cryptocurrency. BMC gathered this data from 50.5% of the entire Bitcoin network, which eventually concluded that the coin is sustainable.
According to the report, the participants indicate 68.9% of the power mix, which eventually shows that the entire BTC network holds around 59.5% of the power mix. A year to year rise from second quarter 2021 to 2nd quarter 2022. This concluded that Bitcoin mining is among the most sustainable industries across the globe.
As per the words of crypto whale and MicroStrategy founder, Michael Saylor, “BTC security and hashrate has improved by 137%, but the energy consumption was up by only 63% on an year to year basis. Energy efficiency has increased by 46%, thanks to advanced semiconductors.” In the words of Darin Feinstein, “Bitcoin exa hash has escalated from 37 EH to 108 EH in the second quarter this year.
The Bitcoin Mining Council was founded by Micahel Saylor and Darin Feinstein in May previous year, and represents more than half of the entire Bitcoin network. It has members in 5 continents, as per Darin. He says that the world needs to know the hidden reality behind power consumption as well as the carbon emissions of Bitcoin.
BTC was the first ever cryptocurrency and is dominating the crypto market to this date. It is the first choice of miners when it comes to mine a digital coin, as it is believed that it is going to offer some mouth watering profits in the upcoming years.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an "average guitar player" and a fun footballer.
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