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Bitcoin Mining Council Reveals Sustainable Growth: New Survey Sheds Light on Industry’s Power and Efficiency

Bitcoin logo with windmill and mountain background. Mining.

In a recent report, the Bitcoin Mining Council (BMC) unveiled the results of its first half of 2023 survey, highlighting the industry’s strides in electricity consumption, technological efficiency, and sustainable power. Furthermore, the survey details that the BMC accounts for 43.4% of the global mining network.

Insights From the Bitcoin Mining Council’s Latest Survey

The Bitcoin Mining Council, a collaborative global forum of bitcoin (BTC) mining companies and associated businesses, announced the findings of its recent survey on August 9, 2023. Focused on electricity consumption, technological efficiency, and sustainable power mix, the survey reveals that BMC’s membership hashrate has increased from 24 exahash per second (EH/s) in Q1 2022 to 158 EH/s in Q2 2023.

The survey’s results highlight a significant shift toward sustainable energy within the bitcoin mining industry. Members of the BMC are utilizing electricity with a 63.1% sustainable power mix, reflecting a positive trend in environmental consciousness.

“Based on this data, the global bitcoin mining industry’s sustainable electricity mix has improved marginally to 59.9% and remains one of the most sustainable industries globally,” the report stated.

Additionally, a year-on-year comparison reveals that the technological efficiency of the global Bitcoin network rose by 24%, growing from 21.1 EH/s per gigawatt (GW) in the first half of 2022 to 26.1 EH/s per GW in the corresponding period of 2023.

“Entering 2023, the Bitcoin network has never been stronger or more secure,” Ben Gagnon, chief mining officer of Bitfarms stated. “Despite the macro headwinds in the second half of 2022, the industry has continued to deploy new miners, increasing hash rate and improving energy efficiency and network security.”

Gagnon added:

“In H1 2023, we also saw a significant increase in curtailment, with BMC members reporting 2.5 GW worth of Bitcoin mining operations participating in curtailment programs and 815 GWh of energy released back to local grids during times of peak demand”.

Gagnon added that most of this curtailment is identified in the United States and Canada, where the available interruptible load equals roughly 25% of all installed utility battery storage across these two nations. Through such initiatives, Bitcoin mining manifests itself in various regions as an essential tool for grid stabilization and as the “buyer of last resort,” Gagnon said.