Bitcoin Is Greener Than Ever – 3 Key Takeaways From the Latest Bitcoin Mining Council Report
#3: No other industry in the world uses as much electricity from renewable energy as Bitcoin Mining.
The Bitcoin Mining Council has just released its quarterly report on the energy consumption of the Bitcoin network, along with some very interesting data on its carbon footprint. The Bitcoin Mining Council is an organization of 36 mining companies. These 36 companies currently account for 46% of the Bitcoin network's Hash Rate.
Overall, all of the major Bitcoin players in North America are members of the Bitcoin Mining Council. For those who want to see the report in detail, it is here: “Global Bitcoin Mining Data Review Q4 2021”.
After analyzing this report from the Bitcoin Mining Council, I have 3 key takeaways that I will share with you.
1. The amount of energy used by the Bitcoin network is negligible on a global scale
Bitcoin consumes only 0.14% of the world's primary energy. This represents 220 TWh per year, compared to 40,406 TWh per year for China, or 24,386 TWh for America. For the whole world, the total is 154,750 TWh:
You've probably heard Bitcoin's opponents say that its network consumes as much energy as this or that country. Well, the Bitcoin network accounts for only 2.1% of the electricity produced in America. That's a far cry from the disaster that opponents of the Bitcoin network are always trying to portray to the general public.
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