Bitcoin mining companies are switching more and more to green energy sources, increasing their share in the total consumption balance by more than one and a half times over the past year. At the same time, BTC mining efficiency grew by 63% over the year.
The latest report from the Bitcoin Mining Council (BMC) shows that mining companies continue to adopt green energy. The global mining industry has increased its energy balance from renewable sources by nearly 60% in the past year.
BMC’s board is made up of a group of BTC mining companies with about 44 organizations. According to BMC Leader and MicroStrategy CEO Michael Saylor, the group provides about 50% of the Bitcoin network’s computing power — 100.9 EH/s.
BMC analysts surveyed member companies about the amount of power they use and the amount of power they get from renewable sources. They also collected data on the hashing speed of the companies’ transactions.
The data analysis concluded that the global balance of green energy use for BTC mining in Q1 2022 is 58.4%, down 0.1% from Q4 2021, but significantly higher than in Q1 2021, when it was only 36.8%. BMC member companies’ rate was higher than the global rate and was 64.6%.
BMC group’s data assessment also led to the conclusion that the BTC mining efficiency has increased. Thus, over the past year, the industry’s power consumption has decreased by 25%, and the hashing speed has increased by 23%. And the efficiency of mining in 2022 is 63% higher than in 2021 and 5,814% higher than in 2014.