The still-controversial Bitcoin Mining Council is again at it. For the sixth consecutive quarter, the organization published a report that exhibits how clear and accountable the bitcoin mining business is. They put bitcoin’s numbers to the check towards firms, nations, and all industries. The community passes with flying colours in all situations. The Bitcoin Mining Council’s conclusion for Q3 is, “as the Bitcoin Network continues to grow, it will become even more efficient over time.”
In Q3 2022, #Bitcoin mining effectivity elevated 23% YoY, and sustainable energy combine was 59.4%, above 50% for the sixth quarter in a row. The community was 73% safer YoY, solely utilizing 41% extra vitality, and is now 99% of all crypto hashing energy.https://t.co/B0jlkWHYgg
— Michael Saylor⚡️ (@saylor) October 18, 2022
Founded in May 2021, the Bitcoin Mining Council defines itself as “a voluntary global forum of Bitcoin mining companies and other companies in the Bitcoin industry.”
The Bitcoin Mining Council Shows Receipts
According to the Bitcoin Mining Council’s chief architect, Michael Saylor, “In Q3 2022, Bitcoin mining efficiency increased 23% YoY, and sustainable power mix was 59.4%, above 50% for the 6th quarter in a row. The network was 73% more secure YoY, only using 41% more energy, and is now 99% of all crypto hashing power.”
The Q3 report additional expands on these numbers:
“Based on this data it is estimated that the global bitcoin mining industry’s sustainable electricity mix is now 59.4% or has increased approximately 3% year-on-year, from Q3 2021 to Q3 2022, making it one of the most sustainable industries globally. Additionally, year-on-year it is estimated that the global Bitcoin Network’s technological efficiency grew by 23%, from 17.7 EH per gigawatt (GW) in Q3 2021 to 21.7 EH per GW in Q3 2022.”
That’s proper, the sustainable electrical energy combine retains rising and bitcoin is simply beginning. Since the ESG individuals made bitcoin’s vitality consumption an assault vector, the community targeted and produced answer after answer to deal with the surroundings in an actual approach. In the subsequent few years, the notion of bitcoin mining will change from an indiscriminate vitality client to the primary financier of vitality initiatives worldwide.
Back to the Bitcoin Mining Council Q3 report, they quote Michael Saylor making one other wonderful level:
“With a hashrate approaching 267 EH, Bitcoin represents 99% of all crypto power, offering 100 times the security of all the other crypto networks combined.”
The report additionally quotes Ben Gagnon, Chief Mining Officer of Bitfarms, saying:
“YoY, Bitcoin security increased by 73% and mining efficiency increased by 23%. The bitcoin network has never been stronger.”
BTC value chart for 10/19/2022 on Bifinex | Source: BTC/USD on TradingView.com
Conclusions About Bitcoin Mining, Q3 2022
The Bitcoin Mining Council was sort sufficient to share the slides for the Q3 2022 presentation, and in them, we discover much more arduous information:
- Bitcoin “uses an inconsequential amount of global energy (16bps ) and generates negligible carbon emissions (10bps )”
- “Bitcoin mining is 5,814% more efficient over the last 8 years. It’s estimated that the global J/TH efficiency is 46.0.”
- “The Bitcoin Mining Council is estimating a 3x and 2x improvement in mining efficiency over the next four and following four years, respectively.”
- This one is assured, “Satoshi’s protocol reduces energy consumption incentives by 2x every 4 years, for the foreseeable future.”
- “Bitcoin mining is guaranteed to be dramatically more energy efficient in the next eight years.”
Plus, to place bitcoin’s safety into perspective, the slides comprise this nugget:
“It would take approximately 66 TW to attack the Bitcoin network using standard cloud computing hardware. The equivalent of 3.5x what the entire Earth is currently producing. Bitcoin is currently using 0.16%, making Bitcoin 2,187.5x more efficient.”
The reality of the matter is that sure, bitcoin consumes vitality. However, bitcoin places that vitality to good use. It secures essentially the most essential monetary innovation of all time, amongst different issues.
Featured Image: a dam, screenshot from the BMC's report slides | Charts by TradingView
