The still-controversial Bitcoin Mining Council is again at it. For the sixth consecutive quarter, the organization published a report that reveals how clear and accountable the bitcoin mining trade is. They put bitcoin’s numbers to the check towards corporations, nations, and all industries. The community passes with flying colours in all cases. The Bitcoin Mining Council’s conclusion for Q3 is, “because the Bitcoin Community continues to develop, it should change into much more environment friendly over time.”
In Q3 2022, #Bitcoin mining effectivity elevated 23% YoY, and sustainable energy combine was 59.4%, above 50% for the sixth quarter in a row. The community was 73% safer YoY, solely utilizing 41% extra vitality, and is now 99% of all crypto hashing energy.https://t.co/B0jlkWHYgg
— Michael Saylor⚡️ (@saylor) October 18, 2022
Based in Could 2021, the Bitcoin Mining Council defines itself as “a voluntary world discussion board of Bitcoin mining corporations and different corporations within the Bitcoin trade.”
The Bitcoin Mining Council Reveals Receipts
In line with the Bitcoin Mining Council’s chief architect, Michael Saylor, “In Q3 2022, Bitcoin mining effectivity elevated 23% YoY, and sustainable energy combine was 59.4%, above 50% for the sixth quarter in a row. The community was 73% safer YoY, solely utilizing 41% extra vitality, and is now 99% of all crypto hashing energy.”
The Q3 report additional expands on these numbers:
“Based mostly on this information it’s estimated that the worldwide bitcoin mining trade’s sustainable electrical energy combine is now 59.4% or has elevated roughly 3% year-on-year, from Q3 2021 to Q3 2022, making it some of the sustainable industries globally. Moreover, year-on-year it’s estimated that the worldwide Bitcoin Community’s technological effectivity grew by 23%, from 17.7 EH per gigawatt (GW) in Q3 2021 to 21.7 EH per GW in Q3 2022.”
That’s proper, the sustainable electrical energy combine retains rising and bitcoin is simply beginning. Because the ESG individuals made bitcoin’s vitality consumption an assault vector, the community targeted and produced resolution after resolution to deal with the surroundings in an actual method. Within the subsequent few years, the notion of bitcoin mining will change from an indiscriminate vitality shopper to the primary financier of vitality initiatives worldwide.
Again to the Bitcoin Mining Council Q3 report, they quote Michael Saylor making one other glorious level:
“With a hashrate approaching 267 EH, Bitcoin represents 99% of all crypto energy, providing 100 occasions the safety of all the opposite crypto networks mixed.”
The report additionally quotes Ben Gagnon, Chief Mining Officer of Bitfarms, saying:
“YoY, Bitcoin safety elevated by 73% and mining effectivity elevated by 23%. The bitcoin community has by no means been stronger.”
BTC worth chart for 10/19/2022 on Bifinex | Supply: BTC/USD on TradingView.com
Conclusions About Bitcoin Mining, Q3 2022
The Bitcoin Mining Council was variety sufficient to share the slides for the Q3 2022 presentation, and in them, we discover much more arduous information:
- Bitcoin “makes use of an inconsequential quantity of worldwide vitality (16bps ) and generates negligible carbon emissions (10bps )”
- “Bitcoin mining is 5,814% extra environment friendly during the last 8 years. It’s estimated that the worldwide J/TH effectivity is 46.0.”
- “The Bitcoin Mining Council is estimating a 3x and 2x enchancment in mining effectivity over the following 4 and following 4 years, respectively.”
- This one is assured, “Satoshi’s protocol reduces vitality consumption incentives by 2x each 4 years, for the foreseeable future.”
- “Bitcoin mining is assured to be dramatically extra vitality environment friendly within the subsequent eight years.”
Plus, to place bitcoin’s safety into perspective, the slides include this nugget:
“It might take roughly 66 TW to assault the Bitcoin community utilizing customary cloud computing {hardware}. The equal of three.5x what the whole Earth is at the moment producing. Bitcoin is at the moment utilizing 0.16%, making Bitcoin 2,187.5x extra environment friendly.”
The very fact of the matter is that sure, bitcoin consumes vitality. Nonetheless, bitcoin places that vitality to good use. It secures probably the most vital monetary innovation of all time, amongst different issues.
Featured Picture: a dam, screenshot from the BMC's report slides | Charts by TradingView
