The Blockchain Mining Council (BMC) says the crypto mining industry is relying more on a sustainable energy mix than it was before.
BMC, which describes itself as a voluntary global forum of bitcoin mining companies and others in the industry, said in a press statement on Friday that the global industry’s sustainable electricity mix had grown to 56% during the second quarter, based on its “first-ever voluntary survey.”
That made cryptocurrency mining “one of the most sustainable industries globally,” the council said in its statement.
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The council – which was established in May with support from U.S. crypto mining companies, MicroStrategy CEO Michael Saylor and Tesla CEO Elon Musk – seeks to “shape the narrative” around bitcoin‘s energy use.
The survey focused on the mining industry’s electricity consumption and sustainable power mix.
“Results … show that the members of the BMC and participants in the survey are currently utilizing electricity with a 67% sustainable power mix,” the council members said in the statement.
Data collected by the council was based on sustainable energy use from over 32% of the current global Bitcoin network, according to the statement.
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Asked by Castle Island Ventures’ Nic Carter how the BMC arrived at its figures for ascertaining its carbon emissions factor, Saylor said the council took an estimate of off-grid and unsustainable power.
“Then we allocated another portion that we applied to our BMC sample to in order to get a blend,” Saylor said during a live virtual briefing. “The blend ended up being slightly more than the electricity grid.”
“I think if you back into it and take the 56% and then look at the 67% or 68% that we don’t have that’s the out-of-sample and then you know that number is … 50% sustainable … so … generally it works out that the out-of-sample mix is … assumed to be about 50% sustainable power and we tested that with a variety of analysts.”
Some, however, are not convinced.
While the figures are debatable, the efforts by the mining council show a more concerted drive to reduce the impact the industry has on global greenhouse gas emissions – a major gripe and cause for Musk ending his love affair with bitcoin earlier this year.
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