The MicroStrategy-backed voluntary forum known as the Bitcoin Mining Council confirmed that its most recent quarterly survey revealed that the worldwide Bitcoin (BTC) mining sector is becoming increasingly reliant on renewable energy.
As per the research issued on Monday, the worldwide Bitcoin (BTC) mining operation had a sustainable electricity combination of 58.4 % throughout the January to March timeframe, up from 36.8% in the year before, and marking a 59% year-on-year (YoY) rise.
Based on the results of the report, the Bitcoin (BTC) mining hash rate increased by 23% year-on-year in Q1 2022, whereas energy consumption decreased by 25% as mining efficiency increased by 63%.
The Bitcoin Mining Council argued that Bitcoin (BTC) mining has become “one of the most sustainable industries globally” as a result of advancements in technology and greater dependence on renewable energy sources such as wind and solar.
50% of the Bitcoin (BTC) mining network was the source of the data gathered for the basis of the findings of the study, according to the council. On the contrary to the Bitcoin Mining Council’s assessment, the carbon footprint of Bitcoin (BTC) mining has intensified following the Crackdown of China on cryptocurrency mining in 2021, as per the findings of a peer-reviewed analysis released in February in the journal Joule.