Bitcoin mining News: The mining council made statements about Bitcoin mining. The energy consumption from Bitcoin mining has been a hotly debated topic. According to the survey, the percentage of sustainable energy used in global Bitcoin mining is higher than the percentage of sustainable energy in many countries, including the USA, Germany, China and India.
The Bitcoin Mining Council, a voluntary global forum for mining companies and other Bitcoin companies, conducted a survey covering 32% of the current global bitcoin network to predict global consumption patterns.
According to the new data results, 56% of the energy used in global bitcoin mining in the end-June quarter came from renewable sources.
According to the survey, global Bitcoin mining consumes only 0.1% of world energy production. Additionally, 65% of all energy used to generate and distribute electricity in the US is lost and wasted, while only 2.8% of the waste comes from Bitcoin mining.
The survey added that the percentage of sustainable energy used in global Bitcoin mining is also higher than the percentage in many countries, including the USA, Germany, China and India.
The findings come at a time when bitcoin mining is facing serious backlash due to its high energy consumption characteristics. According to the 2019 research article ‘The Carbon Footprint of Bitcoin’ published in the scientific journal Joule, carbon dioxide emissions caused by mining were in line with the levels produced by countries such as Sri Lanka and Jordan.
The statement from the Mining Council was as follows:
Bitcoin mining uses a negligible amount of energy, is becoming more efficient by the day, and has a higher percentage of sustainable energy than any major industrial country.
The purpose of the Bitcoin Mining Council is to promote energy use transparency and accelerate sustainable mining around the world. Founding members include executives from various crypto companies such as MicroStrategy, Argo Blockchain, and Hive.
The Mining Council Web site went live last week. It was announced by the council that Tesla CEO Elon Musk does not have a role in the council. The website reads, “Scope of participation, attending a training call to discuss Bitcoin mining with a group of North American companies.”