Report of the Bitcoin Mining Council: the use of green energy for BTC mining increased by 52.2% in 2021

Council members also stated that 67.6% of the total energy used to extract BTC came from sustainable sources. Other data shared in the report indicate that concerns about the environmental impact of BTC mining are being decontextualized or overestimated. For example, energy consumption in the grid represents 0.007% of the total world value.

Is the Bitcoin Mining Council report supported by a scientific method?

The BTC Mining Council was set up in response to Elon Musk’s alleged concerns about the environmental impact of mining. When Musk shared an announcement on Twitter that Tesla would stop accepting BTC as payment due to environmental concerns, BTC began to decline, marking the beginning of the end of the bullish trend it had sustained since the fall caused by the coronavirus outbreak a year ago.

Data on sustainable energy consumption and increased efficiency were collected through a three-question survey and research using online resources.

The point to consider is the objection of Larry Cermak, director of research at The Block.

This is really laughable. No methodology disclosed, very dubious result and super small sample of like 5% of the total hashrate. No one knows what the energy mix will look like until the hashrate from China relocates and a new proper study is conducted. Why do people trust this?

– Larry Cermak (@lawmaster) July 1, 2021

The Chinese Exodus could change the entire BTC mining industry… or change nothing at all

Some countries are trying to attract large miners by promising low costs and the use of renewable energy. Miami talks about its nuclear power. Paraguay is trying to lure miners with its cheap water energy. Even Salvador is exploring the use of volcanoes as a source of energy.

However, there are reports that large Chinese miners are trying to relocate to neighboring countries. There is thus a latent danger. Experts already warn that large miners could migrate to other countries and remain dependent on dirty energy. This would simply “export” the pollution without really changing anything.

And that would be bad news for many speculators who expect Musk to change his mind if it turns out that BTC uses more than 50% renewable energy – across the grid.

Binance smart chain (BSC) – fast blockchain with low fees

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.