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    Bitcoin Mining Council Issued Global BTC Report

    TheMorningCrypto Desk
    TheMorningCrypto Desk
    Published on October 20, 2022 9:39 AM

    Updated on January 9, 2023 12:50 PM

    Given a 46% gain in efficiency, bitcoin mining hashrate has increased by 137% year over year while energy consumption has increased by 63%.
    Bitcoin Mining Council Issued Global BTC Report

    Bitcoin is again in the headlines for the way it is. After the proof of stake consensus, miners have been switching towards PoS more which retarded the mining advancement in Bitcoin ecosystem. 

    On an average, 144 blocks per day are produced, and each block contains 6.25 bitcoins. The average daily production of new bitcoins is 900, which is equal to 144 x 6.25. It means that the quantity of the block reward, or how many new Bitcoins are paid to crypto miners for creating a new Bitcoin block, determines how long it takes to mine one Bitcoin.

    Over the past several years, blocks have frequently been discovered at 9.5 minute intervals rather than 10 minute intervals since many miners are adding fresh hashpower. Due to the quicker creation rate, more than 900 new bitcoins are created per day.

    ALSO READ: What The Bitcoin Miners & Holders Have In Common?

    BMC Findings

    In the lure of time, the Bitcoin Mining Council (BMC) has published fresh evidence that shows how minimal the impact of mining Bitcoin (BTC) on the environment is, in light of an ongoing discussion on this issue.

    Indeed, as stated in a video aired on October 18, one of the findings of the BMC's "Global Bitcoin Mining Data Review" for Q3 2022 is that global BTC mining uses only 0.16% of the world's energy production.

    Bitcoin VS World Energy Consumption

    To be more precise, BTC mining only consumes 266 TWh of the 165,317 TWh total energy consumed worldwide. Saylor claims that Bitcoin accounts for "only a small fraction" of the world's total energy consumption, which is wasted energy that cannot be used.

     

    The survey also came to the conclusion that Bitcoin mining consumes less energy than residential and non-residential structures, construction, aircraft, home appliances in the US, and gold mining after comparing its energy use to that of other industries.

    However, several of the other cryptocurrency projects have asserted that they only consume a small portion of the energy used by Bitcoin. One such project is Chia (XCH), which claims in its "green paper" that it uses just 0.16% of Bitcoin's annual energy consumption.

    Sustainability of Bitcoin Mining Globally

    The paper also contrasts the global Bitcoin mining industry's sustainable power mix with that of the world's main economies, finding that BMC members and BTC mining are all "dramatically higher in the sustainable power mix than Germany or the EU."

     

     

    Bitcoin vs False Claims

    The report clearly shows the energy consumed by Bitcoin compared to other country’s energy consumption is very less. The Graph shows the minimum or next to non observant energy consumption i.e 0.15% of total world energy which is being utilised by the Bitcoin network. Hence, proving all the claims wrong about how bitcoin uses energy which could light up a whole country for several years.



    The study also discovered that global Bitcoin mining barely contributes 0.1% to global CO2 emissions.