By Shelly Melancon (Switzerland)
The Bitcoin Mining Council (BMC) has released a report detailing the results of a survey conducted across the crypto mining industry on July 2. In the report, it stated that its core mission is to ensure sustainability in the industry. With its focus on sustainability, the council will look at two measuring points- electricity usage and sustainable power mix.
The mining council was set up in May to address issues relating to mining Bitcoin and other crypto assets following the concerns on environmental hazards resulting from mining activities. This was the basis for a series of bans on mining operations that ensued since the start of the year. At the frontline of the bans is China, which sent miners packing in May. The Asian giant had expressed concerns about carbon pollution, a fallout of the prevalent Bitcoin mining in the country at the time. However, the top crypto asset has remained unfazed in the sporadic wake of bans.
Sustainable Mining Energy Improves, According to Report
Mining companies, institutional investors and other stakeholders are constituents of the council. The council is headed by MicroStrategy’s CEO, Michael Saylor who has remained a Bitcoin advocate for a long time. Reports from the council revealed that it successfully collated data on sustainable energy from about 32% of the global Bitcoin hashrate. This means other sources of energy are being used for mining activities.
According to the report, the viable power mix of the global mining industry has improved. The growth is pegged at 56% for the second quarter of the year, making it a force to reckon with among other industries. Michael Saylor, head of the council, hailed the establishment of the council as a good move. He opined that it was necessary to inculcate openness and awareness in the mining industry. The Bitcoin advocate also commended the willingness of the industry’s stakeholders to submit data, further asserting that it will go a long way in unpacking the crypto mining industry, especially for new entrants.
Bitcoin Mining Hashrate Remains Unfazed Amid Prevailing Bans
Another stakeholder in the council, Darin Feinstein, founder of Blockcap commented on the report, saying it couldn’t have come at a better time. He also spoke about the ability of the Bitcoin hashrate to adapt despite the prevailing situations. The global Bitcoin hashrate has managed to stay the same even as most miners of the asset were based in China.
Miners have been leaving the country in droves within the past few weeks to regions like Texas, Kazakhstan and Iran. Texas is a major attraction for miners due to its cheap energy and mining cum crypto-friendly environment. Meanwhile, the Iranian authorities recently issued 30 operating licenses to various regions in the country indicating its willingness to support mining operations. It hopes to generate a great deal of revenue from mining.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.