In the wake of growing worries about the environmental impact of Proof of Work (PoW) cryptocurrencies such as Bitcoin (BTC), fresh evidence reveals that the world’s largest crypto blockchain, the Bitcoin blockchain, may not be as destructive to the environment as previously thought.
According to a report published on April 25 by the Bitcoin Mining Council (BMC), the Bitcoin network’s electricity consumption declined by as much as 25 percent in the first quarter of 2022 as compared to the same period the previous year, according to the report.
Michael Saylor, the group’s leader and the CEO of MicroStrategy, stated the following:
“The Bitcoin Network’s hashrate and related security improved by 23 percent year over year in the first quarter of 2022, while energy consumption was cut by 25 percent,” according to the report. We experienced a 63 percent increase in efficiency year over year, thanks to breakthroughs in semiconductor technology, the quick rise of North American mining, the China Exodus, and the widespread adoption of sustainable energy and modern bitcoin mining procedures around the world.”
According to the Bitcoin Mining Consortium (BMC), a group of 44 Bitcoin mining enterprises controls 50 percent of the worldwide Bitcoin network, or 100.0 exahash per second (EH). Its most current report is based on an investigation into the electricity use, energy sources, and hashrate usage of its member companies.
Bitcoin mining hashrate has increased by 23 percent year on year (YoY), while energy usage has decreased by 25 percent year on year (YoY), thanks to a 63 percent increase in efficiency.