The crypto community criticizes the report of the Bitcoin Mining Council
2 min readThe July 1 Bitcoin Mining Council report was somewhat controversial, as some mining companies have shut down in large parts of China and many companies are banned from doing business in the cryptocurrency business.
The report stated that the use of green energy increased to 56% between the second quarter of 2021. Critics say the findings were based on poor scientific methodology.
After completing the study, when MicroStrategy CEO Michael Saylor pointed out in a tweet that the latest findings make BTC one of the cleanest industries in the world, criticism began.
Criticism of the Bitcoin Mining Council report
“According to a survey by BTC Mining Council, the sustainable energy mix increased to 56% in the second quarter of 2021, making BTC one of the cleanest industries in the world,” Saylor said in a tweet.
Larry Cermak, an analyst at The Block, in response to Saylor’s tweet he argued by using a questionable methodology for 56% of the data.
“It is really ridiculous. No methodology was published, a very dubious result and a very small sample of approximately 5% of the total hashrate. No one knows what the energy mix will look like until the hashrate is relocated from China and a new self-study is conducted. Why do people believe that? ” Cermak says in his answer.
He added that the BMC report was frivolous: “It’s a really huge joke. How can they expect people who really care about the energy mix to take it seriously? These people are even more discouraged. “
In the next tweet CoinMetric founder Nick Carter noted that the study was conducted under uncertain conditions, but there is no point in suspending the analysis just because a certain hashrate is not available. He also added in his tweet that companies that make up 32% of the hashrate were included in the study sample.
In his tweet series, Carter said: “67.6% of sustainable energy from miners in a sample of 32% of the grid. Is there any distortion? Absolutely, this is primarily a Western initiative, so mostly North American and European miners, and of course if you drive exclusively coal, you may not want to publish it. “
The BTC Mining Council was set up in June after a meeting of miners to reduce greenhouse gas emissions. Once operational, the BMC member shares power consumption and hashrate for research and educational purposes.
The July 1 BTC mining council’s report was controversial because some mining companies have shut down in large parts of China, with about 70% of Chinese companies shut down.
