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Mining Report: Bitcoin's Electricity Consumption Declines by 25% in Q1 2022

Elon Musk, Tesla's founder, convinced the bitcoin industry leaders to create a Bitcoin Mining Council (BMC). The BMC launched its public services in July and website in mid-July.

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Mining Report: Bitcoin's Electricity Consumption Declines by 25% in Q1 2022

The organization published a report on April 25, 2022 that discussed the improvements in sustainable energy usage by the bitcoin mining industry during the first quarter 2022. According to the BMC report, Bitcoin's electricity consumption decreased by 25% in Q1 2022 over the previous year.

Bitcoin Mining Council publishes Q1 2022 covering the Sustainable Power Mix of Mining Industry and Technological Efficiency

The latest Bitcoin Mining Council report shows that the bitcoin mining industry is continuing to improve its sustainability and technological efficiency. The Q1-2022 survey by the BMC shows three metrics: "electricity usage, technological efficiency and sustainable power mix." On March 31, 2022, the network had a total of approximately 50% hashpower. This was 100.9 exahash per seconds (EH/s).

According to the voluntary sector survey, 64.6% of participants leverage electricity with a sustainable mix. The BMC report highlights that the global bitcoin mining industry has a sustainable electricity mix of 58.4%, or an increase of approximately 59% over the past year, between Q1 2021 and Q1 2022. This makes it one the most sustainable industries worldwide.

Core Scientific Co-Founder: "The world needs to know the truth about the amount of energy used and carbon released by the Bitcoin Network."

In the fourth quarter BMC report, Microstrategy CEO Michael Saylor made a statement. The Microstrategy executive, and a member of the BMC, stated that the hashrate, and associated security, of the Bitcoin network, improved by 23% year on year, while energy consumption decreased 25% in the first quarter. Saylor said that there was a 63% increase in efficiency year-over-year due to advancements in semiconductor technology, North American mining's rapid expansion, the China Exodus and the global adoption of sustainable energy, as well as modern bitcoin mining techniques.

Darin Feinstein, who was also the co-founder and chief executive of Core Scientific, was quoted in the report. Core Scientific's executive explained how BMC membership has increased over the past 12 months. Feinstein stated that the BMC membership has increased from 29 EH when it was founded to 101 EH in Q1-2022. Feinstein concluded that the BMC now accounts for 50% of the global Bitcoin Mining Network. It has members on 5 continents.

The best disinfectant is sunlight, so it is vital that the public is informed about the Bitcoin Network's energy use and carbon emissions. We hope journalists with integrity will honor their promise to provide truthful media and news using this groundbreaking data.

A video was also shared by the Bitcoin Mining Council about the recent BMC report findings. It can be viewed here. Taras Kulyk and Darin Feinstein from Core Scientific are featured in the video, along with Nic Carter of Castle Island and Michael Saylor, CEO of Microstrategy.

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