New Survey Shows Bitcoin Mining Has Become Credible

Michael Saylor, MicroStrategy’s Founder and CEO, states that during the Q4, the company experienced the trend flow with outstanding improvements to the Bitcoin mining energy sustainability and efficiency.

Bitcoin Mining Council (BMC) Publishes Findings
On Tuesday, the 18th of January, 2022, The BMC published the reports of its Q4 (Fourth Quarter) survey. The survey emphasized technological efficiency, electricity consumption, and sustainable power mix.

The Bitcoin Mining Council, established last May, is a voluntary, worldwide forum of Bitcoin mining firms like BitFury, Bit Digital, BitFarms, Atlas Mining, and other companies.

The survey summed up information on sustainable energy from miners, making up over 46% of the overall Bitcoin network. As reported by the study, the members of the BMC are curbing electricity, having 66.1% in the sustainable energy mix.

The data was used to evaluate that the worldwide Bitcoin mining sector’s sustainable energy mix was precisely 58.5% within the last quarter of 2021.

This gave growth of 1% in contrast with the Q3’s evaluation figures. Also, the sector evaluated that technological efficiency increased by over 9%, to approximately 19.3 petahash/MW.

Also, Michael Saylor, the CEO, and Founder of MicroStrategy and a notable member of the Bitcoin Mining Community, responded to the report that analyzed the last quarter of 2021. He stated that the community had seen interesting improvements in Bitcoin mining energy effectiveness and sustainability.

This was brought about by advancements in semiconductor technology, the China crackdown, North American Bitcoin mining growth, and the global revolution towards sustainable energy and novel mining methods.

Environmental Effects Of Bitcoin Mining Has Also Been Evaluated
Over some time now, the environmental effects of Bitcoin mining have been aggressively argued, and the United States Congress is making plans to thoroughly consider the energy effects of PoW (Proof of Work) blockchains.

The country’s House Committee on Energy and Commerce has recently informed a significant witness to testify on the impacts of cryptocurrency mining energy and the environment at a court hearing on the 20th of January, 2022.

BTC keeps rising | Source: BTC/USD on TradingView.com
Some of the critical witnesses include Brian Brooks-the CEO of BitFury; Professor Ari Juels-Cornell Technology Professor; and John Belizaire-the CEO of Soluna Computing.

Bitcoin Miners In Search Of Sustainable Energy Sources
As pressure from the governments, shareholders, and public increases, BTC miners seek more sustainable energy sources. Also, crypto investors like Shark Tank icon Kevin O’Leary or Mr. Wonderful announce that they’re hoping to buy stocks of crypto mining firms that utilize sustainable energy.

Among some of the exploitable energy sources is nuclear energy. During the early weeks of November last year at the BTC and Beyond Virtual Conference, Griid Harry Sudock commented on the matter.

In his explanation, he pointed out that nuclear energy could provide a chance to bring in vast amounts of clean, carbon-less energy.

by Rida Fatima