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Bitcoin Mining Council Reports Power Gains in Survey

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.

Bitcoin Mining Council banner

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.

Bitcoin Mining Facility

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.

Ben Gagnon, Chief Mining Officer of Bitfarms

Ben Gagnon, Chief Mining Officer of Bitfarms, asserts that as we enter 2023, the Bitcoin network is more robust and secure than ever. Despite facing macroeconomic challenges in the latter half of 2022, the industry has continued to deploy new miners, enhance energy efficiency, and bolster network security. Gagnon notes a significant increase in curtailment during Q4 2022, where 14 BMC members reported 2.5 GW of Bitcoin mining operations participating in curtailment programs, releasing 1,280 GWh of energy back to local grids during peak demand. Most of this curtailment was reported in the United States and Canada, showcasing Bitcoin mining’s role as a potent grid stabilizer and last-resort buyer in various regions.

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