Key message: the Bitcoin Mining Council, or BMC, has announced the results of its first quarterly survey focusing on two important mining indicators: electricity consumption and sustainability. The survey produced some very interesting results on Bitcoin mining.
BMC and mining
The Bitcoin Mining Council is a voluntary global forum of companies. It revealed that it was able to gather sustainable energy information from more than 32% of the current global bitcoin network. According to the survey results, BMC members and participants currently use 67% of electricity from sustainable energy sources.
Based on this, it is estimated that during Q2 2021, the global mining industry’s production from sustainable sources increased by approximately 56%. This makes it one of the most sustainable industries in the world. This is also the first quarter of the Bitcoin Mining Council’s data release. The company was founded in May 2021
It should be noted that BMC has founded several of the largest mining companies alongside MicroStrategy. Michael Saylor, CEO of MicroStrategy, praised the formation of BMC, in his opinion this is an important step in the industry for greater transparency and understanding.
Elon Musk, while announcing the payment through BTC for his electric cars, expressed that he will reimburse them if at least half of the mining is from sustainable sources. Let’s see if he keeps his word.