The Bitcoin Mining Council was established to promote the use of renewable energy in Bitcoin mining. He has published his first compendium on the current state of the industry.
At first glance, the results from the Bitcoin Mining Council look promising. According to the report, sustainable energy consumption increased by 52,2% in the first quarter of 2021. There was also a 15% increase in grid efficiency in PH / MW.
It was also revealed that group members reported that 67,6% came from sustainable sources. This ensures that the industry has a lower environmental impact than other countries, especially China. A large percentage of Bitcoin miners use electricity generated by coal-fired power plants.
The report also included additional data suggesting that concerns about the environmental impact of Bitcoin mining may be misinterpreted or exaggerated. The energy consumption of the grid is 0,007% of all global totals. Furthermore, 56% of global Bitcoin mining is powered by sustainable energy.
Does the scientific method support the report?
The Bitcoin Mining Council was created in response to Elon Musk's concerns about the impact of Bitcoin mining on the environment.
Elon Musk's Twitter announcement that Tesla would no longer accept Bitcoin payments due to environmental concerns, Bitcoin plunged into a slump that marked the end of the bullish trend it had maintained since the Coronavirus outbreak a year ago.
Given the good news on the Bitcoin front, those wishing to take advantage of it to invest can do so through reliable platforms such as Bitcoin Revolution.
The researchers' approach is, to put it mildly, difficult to understand. Data on sustainable energy use and efficiency were collected from a three-question survey and documentation using Internet sources. The sample size and margin of error are unknown.
Larry Cermak (Director of Research at The Block) is another point to consider. Cermak explained that there is currently an influx of miners trying to settle in other areas after China's crackdown.
The Chinese exodus could change the Bitcoin mining industry… or not at all
Many countries are trying to attract big miners by promising low prices and renewable energy. Miami advertises its addiction to nuclear energy. Paraguay wants to attract miners by offering cheap hydroelectricity. El Salvador has begun to explore the possibility of using volcanoes for energy.
There are reports that large-scale Chinese miners may be looking to relocate to other countries.
There have been reports that miners moved to Iran long before the Chinese offensive and Tesla speculation. Kazakhstan is a potential destination for large-scale miners.
However, there is another danger. Experts warn that large miners could relocate to other countries, thereby supporting their dependence on polluting energy sources. This would "export" the pollution, but it would not change the fundamentals.
Many speculators would think the same way, and it would be a bad thing for them if it were revealed that BTC uses more than 50% renewable energy, not just among Bitcoin Mining Council members.
