Bitcoin Mining Committee: Q2 will account for 56% of the sustainable energy of the entire network; Cambridge University data: BTC carbon emissions have passed the peak

Bitcoin Mining Committee: Q2 will account for 56% of the sustainable energy of the entire network; Cambridge University data: BTC carbon emissions have passed the peak

The Bitcoin Mining Committee (BMC) released a survey report yesterday (2), showing that more than 67.6% of its members’ electricity sources are sustainable energy sources, and it is estimated that 56% of the electricity used for mining in the entire Bitcoin network will be used in Q2 this year. Sustainable energy. Professional engineers who have studied Bitcoin for many years also analyzed and pointed out that Bitcoin’s carbon emissions have peaked and will continue to decline afterwards, and may even “return to zero” in 2031.
(Preliminary summary: “We are not here to change Bitcoin!” North American Mining Council: Will defend the value of BTC and encourage members to share energy data )
(Event background: Musk was warned by the “Anonymous hacker organization”: Tesla “Government subsidies” hurt Bitcoin )
(Event background: celebrating the 100th anniversary of the Communist Party of China | Yunnan Bitcoin mines “all power outages and shutdowns today”! Coal and steel industries have been suspended for a week )

onThe Bitcoin Mining Council (BMC), which was established by North American miners just a few months ago, announced the results of a survey yesterday . A total of 32% of the network’s computing power participated in the participation of miners. The electricity used comes from sustainable energy sources. Accounted for 67%.

Based on this data, it is estimated that the share of sustainable energy in global mining power consumption will increase to 56% in the second quarter of this year.

Bitcoin Mining Committee: Q2 will account for 56% of the sustainable energy of the entire network; Cambridge University data: BTC carbon emissions have passed the peak
-BMC survey of its members the proportion of sustainable energy use more than 67% | Source: YouTube video channel Bitcoin Mining Council –

The report is the first publication of BMC. Committee members include MicroStrategy, Galaxy Digital, Riot, Marathon Digital, Hut 8, Hive, Core Scientific, Blockcap, and Argo.

MicroStrategy CEO Michael Saylor, the main facilitator of the organization’s BMC, said:

It’s great to see Bitcoin mining voluntarily unite to provide useful information to the general public and policy makers, especially to clarify common misunderstandings about the nature and scale of Bitcoin’s energy use.

This survey (the first quarter report of more surveys we expect to release) draws on data from miners around the world. As I said, the Bitcoin network is decentralized, but this does not mean it is unorganized.

However, Nic Carter, a partner of Castle Island Ventures and co-founder of Coin Metrics, an encrypted data platform, pointed out that someone will still attack the BMC survey, for example, it only includes North American miners, or if they use coal-fired power generation, they are unwilling to disclose. Call on BMC to further disclose their research methods of survey statistics.

Nevertheless, he still believes:

Even if you disagree with the out-of-sample assumptions, the in-sample data is still useful. Mining in North America accounts for a huge share, and ultimately we are still dealing with North American media and North American investors. Mining in North America is clean.

Further reading: Bitcoin extremists? MicroStrategy CEO: As the market begins to understand, other cryptocurrencies can have a place

Further reading: Musk said that Bitcoin is not environmentally friendly. Is this really true? Nic Carter wrote a long article: “Energy consumption does not equal carbon emissions”

Bitcoin carbon emissions reach a new high

Hass McCook, a retired licensed professional civil engineer, has been studying the environmental, economic and spiritual impacts of Bitcoin since 2014. He pointed out in a column yesterday that the analysis includes multiple public data such as the Cambridge University Alternative Finance Center and the International Energy Agency (IEA). , Bitcoin’s carbon emissions should “have peaked”:

Judging from the above, it seems that Bitcoin’s emissions peaked “a few months ago”.

Fortunately, with China’s ban on Bitcoin mining, the token has already begun to actively move towards “zero emissions.” It is estimated that in the worst case scenario, Bitcoin’s emissions will be less than one-third of today’s in 5 years, and Bitcoin will not produce carbon emissions at all in 10 years.

According to McCook’s calculations, based on the “grid/carbon intensity” data, Bitcoin mining is currently cleaner than the global grid average. Grid strength refers to the amount of carbon emissions per unit of electricity consumption. The world average is 463 grams of carbon dioxide per kilowatt-hour (kWh) of electricity; Bitcoin miners emit an average of 418 grams per kWh of electricity.

And McCook estimates that by 2031, the global average will drop to 220 grams, but Bitcoin mining is expected to achieve zero carbon emissions.

Bitcoin Mining Committee: Q2 will account for 56% of the sustainable energy of the entire network; Cambridge University data: BTC carbon emissions have passed the peak
-Estimation of global energy grid intensity change|Source: Hass McCook column-
Bitcoin Mining Committee: Q2 will account for 56% of the sustainable energy of the entire network; Cambridge University data: BTC carbon emissions have passed the peak
-The grid strength of Bitcoin mining is expected to drop from the current 418 grams to 0 grams|Source: Hass McCook column-

Embrace Bitcoin again?

As Bitcoin mining is an energy-oriented industry, after Tesla announced in mid-May this year that it would suspend accepting BTC payments based on environmental protection considerations, the issue once again surfaced, and the currency price also plummeted.

But in June the company’s chief executive, Elon Musk, said again :

After confirming that BTC miners use reasonable (about 50%) renewable energy and have a positive future trend, Tesla will accept BTC payments again.

Although he is not a member of the committee, since Musk has also participated in the North American mining union before the establishment of BMC, it is impossible to confirm whether he has known the report in advance or even participated in the discussion. But for the BMC members using more than 67% of the survey results of renewable energy, Musk currently has no relevant response on Twitter.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-mining-committee-q2-will-account-for-56-of-the-sustainable-energy-of-the-entire-network-cambridge-university-data-btc-carbon-emissions-have-passed-the-peak/
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