As the report indicates, the global use of renewable energy by bitcoin miners is now 59.5%, a 6% increase from Q2 2021 and a 1.1% increase from the first quarter of the year. Additionally, the global Bitcoin Network’s technological efficiency grew by 46%, from 14.4 EH per gigawatt just a year ago to the current 21.1 EH.
“In the second quarter of 2022, the hashrate and related security of the Bitcoin Network improved by 137% year-on-year while energy usage only increased 63%. We observed a 46% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide adoption of sustainable energy and modern bitcoin mining techniques,” said Michael Saylor, the CEO of business intelligence firm MicroStrategy, who is also a founder and a key member of BMC.
Further details about the state of the industry were shared in the BMC’s YouTube briefing where Michael Saylor said miners’ energy efficiency has grown by an astounding 5,814% compared to eight years ago. Saylor also noted that BTC mining accounted for just 0.09% of the 34.8 billion metric tons of carbon emissions, consuming just 0.15% of the global energy mix.
The report data was derived from BMC members that include industry leaders Hive Blockchain, Galaxy Digital, Hut 8, Argo Blockchain, and others. Together, they represent 50.5%, or 107.7 EH, of the world’s Bitcoin mining hashing power.