The Bitcoin Mining Council (BMC) has disclosed the outcomes of its Q4 2022 survey, revealing a 45% increase in the hashrate of its member companies compared to the previous year.
Moreover, the survey indicates a 1% rise in the use of sustainable power by BMC members during the same period.
The BMC, a global forum comprising Bitcoin mining companies and others in the Bitcoin industry, reports that its members represent 48.4% of the global Bitcoin mining network. Presently, they are employing a sustainable power mix of 63.8%, indicating that the global Bitcoin mining industry has a sustainable electricity mix of 58.9%, positioning it among the most sustainable industries worldwide. The survey further notes a 16% year-over-year growth in the global Bitcoin network’s technological efficiency, rising from 19.3 EH per GW in Q4 2021 to 22.4 EH per GW in Q4 2022.
This marks the eighth quarterly release from the BMC, established in May 2021 with support from major Bitcoin mining companies and MicroStrategy.
According to Mr. Saylor, Bitcoin’s hashrate is nearing 246 EH, representing 99% of all crypto power and offering 100 times the security of all other crypto networks combined.
Conclusion:
The latest findings from the Bitcoin Mining Council underscore the remarkable growth and sustainability advancements within the industry. With increasing energy efficiency, improved network security, and a growing reliance on sustainable power sources, Bitcoin mining continues to evolve as a critical player in the global financial ecosystem.
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