MicroStrategy and Galaxy ‘Bitcoin Mining Council’ Claims Mining is One of Most Sustainable Industries

According to the council’s new report, titled “The Global Bitcoin Mining Data Review,” survey participants are currently utilizing electricity with a 67% sustainable power mix.

share

key takeaways

  • BMC surveyed “bitcoin miners around the world” but did not reveal names of individuals or companies that participated.
  • The council, launched in May 2021 seeks to “shift the narrative” surrounding bitcoin mining and its environmental impact.

The Bitcoin Mining Council (BMC), MicroStrategy’s joint venture with Galaxy Digital and other companies in the digital asset space, released its first quarterly survey Thursday, revealing that mining efforts may be more sustainable than the public believes. 

BMC surveyed “bitcoin miners around the world.” The organization did not reveal names of individuals or companies that participated, but each party surveyed was asked three questions about the amount of electricity used, the percentage that was sustainable and the hashrate of their fleet. 

According to the report, titled “The Global Bitcoin Mining Data Review,” survey participants are currently utilizing electricity with a 67% sustainable power mix. Based on this figure, the global mining industry’s sustainable electricity mix is estimated to have grown approximately 56%, during Q2 2021, making it one of the most sustainable industries in the world, according to BMC. 

Bitcoin mining council survey results

When asked by Castle Island Ventures’ Nic Carter how the BMC determined the carbon emissions factor, MicroStrategy CEO and BMC founding member Michael Saylor said the council created an estimate using off-grid and unsustainable power.

“Then we allocated another portion that we applied to our BMC sample in order to get a blend,” Saylor said during a live virtual briefing following the release of the report. “The blend ended up being slightly more than the electricity grid.”

Saylor and BMC have received criticism for the report’s lack of transparency when it comes to methodology and who was surveyed.

The council, launched in May 2021 seeks to “shift the narrative” surrounding bitcoin mining and its environmental impact. Bitcoin’s energy usage has come under harsh criticism in recent months.

In May, Tesla CEO Elon Musk announced that the electric car company would no longer be accepting bitcoin as a form of payment because mining is too harmful to the planet. Musk has since stated that Tesla will accept bitcoin if 50% of it is mined using renewable resources.

While Musk acknowledged the creation of the BMC via Twitter, he holds no official role.

Tags

upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Sequencers: The Key to The Rollup Investment Thesis

Research

Sequencers are one of the most explicit mechanisms in crypto for creating sustainable DAO-controlled revenue.

/

article-image

The SEC takes on the two biggest players in crypto within 24 hours

article-image

The SEC just sued Binance over alleged securities violations — now, the agency is coming for top US crypto exchange Coinbase

article-image

Binance’s ability to handle large outflows is once again tested as the market reckons with a fresh set of SEC allegations

article-image

Cboe Digital has CFTC permission to provide clearing services for margin trade on crypto futures at a time when regulators are closing in

article-image

The former part owner of the Minnesota Vikings misled a number of banks to process hundreds of millions of dollars of illicit crypto transactions

article-image

“We do not want to be regulated ever,” the SEC quotes an unnamed Binance CCO in lawsuit