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The Bitcoin Mining Council (BMC), which was jointly established by North American miners last month, released a survey result yesterday. A total of miners accounting for 32% of the total network computing power participated, of which 67% used electricity from sustainable energy.

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

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

Michael Saylor, CEO of MicroStrategy, the main promoter of the BMC organization, said: "It is great to see that the Bitcoin mining industry has voluntarily united to provide useful information to the public and policymakers, 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 that it is unorganized." However, Nic Carter, partner of Castle Island Ventures and co-founder of the encryption data platform Coin Metrics, pointed out that there will definitely be people who attack BMC's survey, such as only including North American miners, or if they use coal-fired power generation, they are unwilling to disclose it, so they call on BMC to further disclose their research methods for survey statistics. Despite this, he still believes: "Even if you disagree with the out-of-sample assumptions, the sample data is still useful. North American mining accounts for a huge share, and ultimately we are dealing with North American media and North American investors. North American mining is clean."

Bitcoin carbon emissions reach a new high

Retired licensed professional civil engineer Hass
McCook, who has been studying the environmental, economic and mental impacts of Bitcoin since 2014, pointed out in his column yesterday that Bitcoin's carbon emissions should have peaked after analyzing multiple public data including the Cambridge University Center for Alternative Finance and the International Energy Agency (IEA): "From the above situation, Bitcoin's emissions seem to have peaked a few months ago. Fortunately, with China's ban on Bitcoin mining, the token has begun to actively move towards zero emissions. It is expected that in the worst case, Bitcoin's emissions will be less than one-third of today's in five years, and Bitcoin will produce no carbon emissions at all in 10 years."

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

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

Re-embracing Bitcoin? 

Because Bitcoin mining is an energy-oriented industry, after Tesla announced in mid-May this year that it would suspend accepting BTC payments for environmental reasons, the issue surfaced again and the price of the currency plummeted.

But in June, the company's CEO Elon Musk said again: "After confirming that BTC miners use reasonable (about 50%) renewable energy and have a positive future trend, Tesla will resume accepting BTC payments."

Although not a member of the committee, given that Musk also participated in the North American miners' meeting before the establishment of BMC, it is impossible to confirm whether he had known about the report in advance or even participated in the discussion. However, Musk has not yet responded to the survey results that BMC members use more than 67% renewable energy on Twitter.