Thursday, April 18, 2024

Is the crypto mining industry gradually moving towards green energy?

Crypto mining has turned people into millionaires and caused conundrums for governments around the worlds in terms of regulating cryptocurrencies. However, its biggest impact, undoubtedly, has been on the environment. The heat generated by big crypto mining facilities through their super computers has come under fierce criticism. With more and more mining facilities being established around the world, the advocates of climate change are worried about the impact of cryptocurrencies in the long run. Crypto market sentiment has also been affected negatively by China’s crackdown on mining facilities.

In this scenario, it comes as a surprise that during 2021’s June quarter, the cryptocurrency industry was among the world’s most sustainable industries. This startling fact was revealed by the Bitcoin Mining Council (BMC) in a report. According to the report, the sustainable electricity mix of the bitcoin mining industry during the June quarter was at 56%, a significant increase from the 36.8% reported in the previous quarter.

Founded in May 2021, the BMC is an open and voluntary forum that consists of various companies in the crypto industry, including mining companies. The council’s goals are to share the best crypto practices, promote transparency, and provide education to the masses regarding the benefits of cryptocurrencies and crypto mining.

The BMC’s report was focused on Bitcoin’s sustainable power mix and electricity consumption. According to the BMC’s claims, the data it collected for the report was from more than 32% of the global bitcoin network. The results of the survey included in the report showed that the survey participants are presently consuming electricity with a sustainable power mix of 67%.


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