Following the growing criticisms in recent months regarding BTC’s mining impact on the environment, the Bitcoin Mining Council revealed its first compendium on the mining industry. The report by the council, which was formed to renew the mining industry with eco-friendly methods, reported good numbers at first glance.
Per the report, during the first and second quarters of this year, the council has seen an impressive 52 percent increase in sustainable energy use for mining activities. Not only that, but it also suggested a 15 percent increase in network efficiency.
60 Percent Of America’s Mining Uses Sustainable Energy
Besides that, the American council further revealed that more than 60 percent of the energy used for mining in the US comes from sustainable energy. Plus, it highlighted that the US’s mining had less environmental impact than those in other countries, especially China, where most miners consume energy generated from coal plants.
Quoting the latest numbers, the council said in its report that the environmental effect of BTC mining might be overestimated as almost 56 percent of global mining activities use sustainable energy.
Is There Any Margin Of Error In The Report?
The BTC Mining Council was formed following Elon Musk’s attack on the world’s most famous crypto token over its environmental cost and energy consumption.
It compiled the recent numbers using a three-question survey on the use of sustainable energy and network efficiency. Also, the survey sample size remains unknown; hence, there can be a margin of error?
Global Miners Relocating To Cheap Locations
In recent months, the government in Beijing has launched a clampdown on miners. Although the reasons remain unknown, many analysts have said that it might be because of China’s CBDC launch and its commitment to becoming a carbon-neutral country in the coming decades.
Meanwhile, some countries worldwide are making the best out of it by attracting miners, citing their low energy costs, for example, El Salvador, Paraguay, and some states in the US like Texas, which has low electricity costs crypto-friendly laws. Not to forget Kazakhistan, which is set to become the new mining hub.