The Survey Conducted By The Bitcoin Mining Council In Q4 2022 Confirms That There Have Been Yearly Improvements In Sustainable Power Usage And Technology Efficiency

The Bitcoin Mining Council (BMC) has released the results of its Q4 2022 survey, which revealed that the hashrate of its member companies increased by 45% compared to the previous year. 

Additionally, the survey found that the percentage of sustainable power used by the members of the BMC rose by 1% over the same period.

The BMC, a global forum of Bitcoin mining companies and other companies in the Bitcoin industry, also reported that its members represent 48.4% of the global Bitcoin mining network, and that they are currently utilising a 63.8% sustainable power mix. These figures indicate that the global Bitcoin mining industry has a sustainable electricity mix of 58.9%, making it one of the most sustainable industries globally. The survey also found that the global Bitcoin network’s technological efficiency grew by 16% YoY, from 19.3 EH per GW in Q4 2021 to 22.4 EH per GW in Q4 2022.

This is the eighth quarterly release from the BMC, which was founded in May 2021 with support from some of the largest Bitcoin mining companies and MicroStrategy.

According to Mr. Saylor, the hashrate of Bitcoin is approaching 246 EH and represents 99% of all crypto power, offering 100 times the security of all other crypto networks combined.

Ben Gagnon, the Chief Mining Officer of Bitfarms, added that the Bitcoin network is stronger and more secure than ever as we enter 2023. Despite facing macroeconomic challenges in the latter half of 2022, the industry has continued to deploy new miners, improve energy efficiency and network security. Gagnon also highlighted that there was a significant increase in curtailment in Q4 2022, where 14 BMC members reported 2.5 GW worth of Bitcoin mining operations participating in curtailment programs and 1,280 GWh of energy released back to local grids during times of peak demand. The majority of this curtailment was reported in the United States and Canada. Through these programs, Bitcoin mining is proving itself as a powerful grid stabiliser and buyer of last resort in various regions.