About 60% of Bitcoin mining is currently powered by renewable energy, according to BMC Mining
One of Michael Saylor’s MicroStrategy Inc. clients, the Bitcoin Mining Council, a non-profit association of cryptocurrency mining businesses, recently released a report showing that the worldwide Bitcoin mining market has been shifting toward greener forms of power in recent quarters.
According to research released on Monday, the worldwide Bitcoin mining business had a sustainable power mix of 58.4% from January to March, up from 36.8% a year earlier, signifying a 59% rise year-on-year.
Mining efficiency increased by 63 percent while the hash rate increased by 23 percent year-on-year in the first quarter, according to the research.
Bitcoin mining has been dubbed “one of the most sustainable enterprises worldwide” as a result of the industry’s increased dependence on renewable energy sources like wind and solar as a result of technological advances.
Approximately half of the world’s Bitcoin nodes participated in the study, according to the council’s findings.
After China’s crackdown on crypto mining last year, peer-reviewed research published in February in the journal Joule revealed that Bitcoin mining’s environmental effect worsened.