Bitcoin mining and environmental concerns are the two terminologies that are used quite often when addressing the issue around Bitcoin.
A lot of investors have been asking- Will Bitcoin have a bad reputation in environmental, social, and governance (ESG) circles forever? It is only a matter of time before we find out.
Nothing lasts forever
Nearly 60% of the electricity used to power Bitcoin mining machines comes from sustainable sources, according to the latest Q2 2022 report from the Bitcoin Mining Council (BMC).
MicroStrategy CEO Michael Saylor shared this development in the 20 July tweet as given below.
In Q2 2022, #Bitcoin mining efficiency surged 46% YoY, and sustainable power mix reached 59.5%, above 50% for the 5th quarter in a row. The network was 137% more secure YoY, only using 63% more energy. It is hard to find an industry more clean & efficient.https://t.co/gqYn8qew9R
— Michael Saylor⚡️ (@saylor) July 19, 2022
In the said survey, the Commission concluded that the global Bitcoin mining industry’s use of sustainable energy is up by 6% from Q2 2021 and up 2% from Q1 2022, reaching 59.5% in the latest quarter.
Thus, making it “one of the most sustainable industries globally.”
In addition, the mining network also became more secure, represented by the surge in the hashrate datasets.
Q2 of 2022 saw hash rate increase by 137% year-on-year, while energy usage went up by 63%.
This demonstrated an efficiency increase of 46% due to several factors including advances in semiconductor technology, the rapid growth of North American mining, and the Chinese exodus.
Furthermore, contrary to popular belief, Bitcoin mining energy accounted for only 0.15% when compared to the world’s total energy.
It also accounted for just 0.09% of the 34.8 billion metric tons (BMT) of carbon emissions estimated to be produced globally.
Not an easy path- whatsoever
That’s exactly the case with mining operations and their respective operators. The ever-lasting correction in the BTC market found it difficult to lure miners and prevent the miners’ exodus.
In June, public miners sold about 14,600 Bitcoin and only produced 3,900 Bitcoin this month.
Overall, Bitcoin miners sold nearly 400% of their production within the same period. But that’s not it. Mining operations saw regulators raising concerns as well.
Elizabeth Warren and other Democratic members of Congress sent a letter to two federal regulators, urging them to take action on the explosion of Bitcoin mining in the United States.
The lawmakers require crypto-mining companies to share data on their energy use and emissions.