The Bitcoin Mining Council (BMC) announced the findings of its second quarter 2022 (“Q2") that focused on three main metrics: electricity consumption, technological efficiency, and sustainable power mix.
The BMC collected data from over 50% of the global Bitcoin Network as of June 30th, 2022, in their voluntary survey. The results of the survey highlight that the members of the BMC and participants of the survey are currently using electricity with a 66.8% sustainable power mix. Based on that data, it is estimated that the entirety of the Bitcoin mining industry utilizes a sustainable energy mix of 59.5%, up 6% YoY from Q2 in 2021 to Q2 in 2022.
Further findings of the survey indicate that the Bitcoin Network’s technological efficiency witnessed an increase of 46%, from 14.4 EH per gigawatt (GW) in Q2 2021 to 21.1 EH per GW in Q2 2022. This significant increase supports the hypothesis that as the Bitcoin Network continues to grow, it will also become more efficient over time.
The publication of these findings marks the fifth quarter in a row where the Bitcoin Networks' sustainable power mix was above 50%.
“In the second quarter of 2022, the hash rate and related security of the Bitcoin Network improved by 137% year-on-year while energy usage only increased 63%. We observed a 46% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide adoption of sustainable energy and modern Bitcoin mining techniques,” said CEO of MicroStrategy Michael Saylor.