The Bitcoin Mining Council (BMC), a voluntary global forum of Bitcoin mining firms and other companies in the Bitcoin sector, revealed the results of its first quarterly survey in a press statement issued on 1st July 2021.
The BMC, which focused on two key metrics: electricity usage and sustainable power mix, stated in its first-ever voluntary survey that it was able to collect sustainable energy data from over 32% of the current global Bitcoin network. The findings of this study reveal that members of the BMC and survey participants are currently using power at a rate of 67%.
According to this survey, the worldwide mining industry’s sustainable power mix increased to over 56 percent in Q2 2021, making it one of the world’s most sustainable businesses.
The council was founded in May with the assistance of the crypto mining industry’s US companies, including Microstrategy CEO Michael Saylor and Tesla CEO Elon Musk.
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However, BMC revealed in June that Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss Bitcoin mining.
Mr. Saylor applauded the BMC’s formation in a statement, calling it an essential step toward greater openness and knowledge in the Bitcoin mining sector. He stated that industry members voluntary sharing of Bitcoin mining data will aid in the de-mystification of the Bitcoin mining sector.
I am pleased to see that the Bitcoin mining industry has come together, voluntarily, to provide critical information to the general public and policymakers, especially as it pertains to clarifying common misconceptions about the nature and scale of Bitcoin energy usage
Darin Feinstein, the founder of Blockcap and Core Scientific, noted that the survey comes at a pivotal moment as the Bitcoin industry sees its mining operations further decentralized as a result of miners leaving China.
The main aim of BMC is to promote transparency, share best practices, and educates the public on the benefits of Bitcoin and Bitcoin mining. Its contributing members include: Argo Blockchain, Bit5ive LLC, Blockcap, Celsius Network, Frontier Mining, Galaxy Digital, Hive Blockchain, New Data Ventures LLC, Riot Blockchain, and SBI Crypto etc.
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