Posted 11 months ago | by Catoshi Nakamoto

According to a recent report by the Bitcoin Mining Council (BMC), the global Bitcoin mining industry is allegedly now using 56% sustainable energy to mine BTC.

AdobeStock 208934723 Bitcoin Mining Council Claims Digital Asset Is Now Using 56% Sustainable Energy To Mine In Flawed Study

“Bitcoin mining uses a negligible amount of energy, is rapidly becoming more efficient, and is powered by a higher mix of sustainable energy than any major country or industry,” a press release from the BMC stated.

The Bitcoin Mining Council (BMC), was formed earlier this year as a response to concerns about Bitcoin’s environmental impact. BMC recently shared a video presentation on Youtube echoing the claim that 56% of the electricity behind Bitcoin comes from “sustainable” resources. According to the BMC’s website, the Bitcoin Mining Council founding members consist of — Argo, Riot Blockchain, Blockcap, Core Scientific, Hive, Hut 8, Marathon Digital Holdings, Microstrategy, and Galaxy Digital.

The council cited its own “analysis, assumptions, and extrapolation” as the source for 56%. However, the estimate is based on flawed data due to how the percentage was achieved. BMC asked a three-question survey of just 32% of the miners on the network and determined based on questioning only a small subset of miners.

The poll asked the miners the following:

“How much electricity does your total fleet consume today? What is the total % of sustainable electricity within your fleet’s power generation mix today? What is the total aggregate hashrate of your fleet today?”

The survey of respondents revealed that they “are currently utilizing electricity with a 67% sustainable power mix” which the BMC then used as the basis for its 56% estimate across the overall network. Further, the vote was voluntary, not mandatory, which means miners that are using dirty energy were free to skip the survey.

We also don’t know if the 32% of miners were randomly chosen for the survey or if they were pre-picked from the Bitcoin Mining Council’s own members internally.

According to the BMC website, one of the groups’ core goals is to provide verifiable data and transparency on renewable energy usage in the Bitcoin mining industry. However, this certainly isn’t it and is more miner renewable energy propaganda.

“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles,” the BMC website reads. “We promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining.”

A mass exodus of miners from coal-heavy energy grids in Chinese provinces like Qinghai and Inner Mongolia has led to a significant decrease in the network’s power consumption over the past two months. Which has drastically affected the Bitcoin hash rate as a result.

A previous September 2020 study from Cambridge University’s Center for Alternative Finance found that “39% of miners’ total energy consumption comes from renewables.”

It’s worth mentioning that earlier this year, Bitboy Crypto previously debunked a mainstream media hit piece discussing Bitcoin’s energy usage in Bloomberg.

A report shared by Coinshares Chief Strategy Officer Meltem at the time to counter the Bloomberg Bitcoin energy FUD showed extensive research released in December 2019 that debunks that Bitcoin is wasting electricity. The report goes further to claim that over “70% of Bitcoin mining” is actually now using renewable energy to mine, almost on par with the recent BMC report’s 56%. The report added that this makes Bitcoin reportedly, “more renewables-driven than almost every other large-scale industry in the world.”

There’s just one problem with measuring Bitcoin miners’ energy usage or the type of energy used to mine as CNBC reported in 2017. According to the experts, there is no way to gauge how much energy is used in cryptocurrency mining operations. One of which said the following in 2017:

“Many of those calculations that you see today, I think, are based on very weak assumptions,” said Christian Catalini, an assistant professor at the MIT Sloan School of Management who studies blockchain technology and cryptocurrencies. “I don’t think anybody can make a credible claim about the current” electric power use for bitcoin mining “without actually having data from all the miners.”

Bitboy Crypto has previously reported that Square Inc, has taken the lead to shift even more Bitcoin mining to renewable energy by starting the Bitcoin Clean Energy Investment Initiative, investing $10 million dollars into a greener Bitcoin future.

Square has a company goal to become net-zero on carbon emissions for its operations by 2030. Square has partnered with Watershed, a company that powers climate programs in business, to accomplish this task.

Square’s Bitcoin Clean Energy Investment Initiative has been set up to support green energy technology development in Bitcoin mining. Further, according to its announcement, any gains made from the investment will be placed back into the initiative for a greener future in Bitcoin.

Bitcoin is currently trading at [FIAT: $33,699.38] UP +1.4% in the last 24 hours according to Coingecko at the time of this report.

About Catoshi Nakamoto

c6ea0c3794492f30883e516d39b2597a?s=90&d=blank&r=g Bitcoin Mining Council Claims Digital Asset Is Now Using 56% Sustainable Energy To Mine In Flawed StudyActivist/Journalist, former writer - We Are Change, The Mind Unleashed, Coinivore, others. Currently writing for - Activist Post and Bitboy Crypto. Not Right or Left Apolitical. I Care About Truths (CATS.) Cryptocurrency enthusiast, I mined and lost 100+ BTC in 2010-2011. I work with - Bitboy, SoMee, CEEK, Presearch, and W3BT aka FMW Media Group. Friend of mostly everyone who isn't a dick. Just A Cool Cat.