The Bitcoin Mining Council (BMC) reported significant strides in sustainable power usage and technological efficiency in Bitcoin mining, according to the findings of its survey for the first half of 2023.
These findings underscore the growing focus on ecological responsibility within the Bitcoin industry, a narrative that merges technological advancement with sustainability.
BMC statistics H1 2023
|BMC Statistic||H1 2023|
|BMC Hash Rate||158 EH|
|Year-on-Year Increase in BMC Hash Rate||70%|
|BMC’s Share in Global Bitcoin Network||43.4%|
|Sustainable Power Mix Used by BMC Members||63.1%|
|Global Bitcoin Mining Sustainable Electricity Mix||59.9%|
|Technological Efficiency||26.1 EH per GW|
|Year-on-Year Increase in Technological Efficiency||24%|
|Bitcoin Mining Operations in Curtailment Programs||2.5 GW|
|Energy Released to Local Grids||815 GWh|
The BMC, a voluntary global forum comprising several Bitcoin mining companies, aims to foster transparent practices and promote the benefits of Bitcoin and its mining processes.
At the start of 2022, it represented a total hash rate of 24 EH, which surged to 158 EH in Q2 2023, representing a 70% year-on-year increase in H1 2023.
This impressive growth sees the BMC accounting for 43.4% of the global Bitcoin Mining Network. The members, spread across six continents, are utilizing electricity with a sustainable power mix of 63.1%, thereby contributing to a slight improvement in the global Bitcoin mining industry’s sustainable electricity mix to 59.9%. Such data attest to the Bitcoin industry’s reputation as one of the most sustainable industries worldwide.
Bitcoin network gives back.
Technological efficiency in the global Bitcoin Network has also risen by an estimated 24% year-on-year, from 21.1 EH per gigawatt (GW) in H1 2022 to 26.1 EH per GW in H1 2023. This gain reiterates the fact that as the Bitcoin Network expands, it becomes increasingly efficient.
In addition to these positive changes, H1 2023 also saw a surge in curtailment. BMC members reported 2.5 GW worth of Bitcoin mining operations participating in curtailment programs, releasing 815 GWh of energy back to local grids during peak demand periods.
Most of this curtailment took place in the United States and Canada, highlighting the integral role of Bitcoin mining in grid stabilization and positioning it as a ‘buyer of last resort’ in several regions.
The Council’s members include Argo Blockchain, BitDeer, Bitfarms, Celsius Network, Consensus Mining, Compass Mining, Core Scientific, Galaxy Digital, Hive Blockchain, Hut8, Marathon Digital Holdings, Poolin, Riot Blockchain, Summit, and many others.
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Author: Liam ‘Akiba’ Wright