Indeed, according to a report released on April 25 by the Bitcoin Mining Council (BMC), the Bitcoin network’s electricity usage has decreased by up to 25% in the first quarter of 2022, compared to the same period the previous year.
The BMC is a group of 44 Bitcoin mining companies that reportedly account for 50% of the global Bitcoin network, or 100.0 exahash (EH). Its most recent report is the result of a survey conducted among its member companies regarding electricity consumption, energy sources, and hashrate.
According to Michael Saylor, the group’s leader and CEO of MicroStrategy:
“In the first quarter of 2022, the hashrate and related security of the Bitcoin Network improved by 23% year-on-year while energy usage decreased 25%. We observed a 63% 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.”
Simply put, Bitcoin mining hashrate is up 23% year over year (YoY), while energy consumption is down 25% YoY due to a 63% increase in efficiency. Meanwhile, the analysis demonstrates that Bitcoin “uses an inconsequential amount of global energy (16bps) and generates negligible carbon emissions (8bps), as well as being “the industry leader in sustainability with a 58% sustainable energy mix.”
Interestingly, these findings come after a group of US legislators asked the US Environmental Protection Agency (EPA) to investigate whether crypto mining companies in the country were following environmental regulations.
In a letter to the agency, they expressed “serious concerns” about “serious concerns” over “the inherently energy inefficient Proof of Work mining technology to validate transactions.”
In March, the crypto community in New York launched a petition to prevent the New York Assembly from passing a contentious bill that would impose a moratorium on specific PoW crypto mining operations in the state.
At the same time, some cities in the United States, such as Fort Worth, Texas, are actively working to become more ‘crypto-friendly.’
