Bitcoin Mining Council Survey Confirms Year on Year Improvements in Sustainable Power and Technological Efficiency

AUSTIN, TEXAS – August 9, 2023 – The Bitcoin Mining Council (BMC), a voluntary global forum of Bitcoin mining companies and other companies in the Bitcoin industry, announced the findings of its first half of 2023 (“H1”) survey focused on three metrics: electricity consumption, technological efficiency and sustainable power mix. 

The BMC membership hash rate has increased from 24 EH, from its inception in Q1 2022, to 158 EH in Q2 2023. BMC represents 43.4% of the global Bitcoin Mining Network with members spread across 6 continents. The results of this survey show that the members of the BMC and participants in the survey are currently utilizing electricity with a 63.1% sustainable power mix. Based on this data, the global bitcoin mining industry’s sustainable electricity mix has improved marginally to 59.9% and remains one of the most sustainable industries globally. Additionally, year-on-year it is estimated that the global Bitcoin Network’s technological efficiency grew by 24%, from 21.1 EH per gigawatt (GW) in H1 2022 to 26.1 EH per GW in H1 2023. This efficiency gain reaffirms the fact that as the Bitcoin Network continues to grow, it will become even more efficient over time. 

The publication of this data represents the eighth quarterly release by the BMC, which was founded in May 2021 with support from some of the largest Bitcoin mining companies in the Bitcoin industry along with MicroStrategy and its Chairman, Michael Saylor. 

Ben Gagnon, Chief Mining Officer of Bitfarm’s stated, “Entering 2023, the Bitcoin network has never been stronger or more secure. Despite the macro headwinds in the second half of 2022, the industry has continued to deploy new miners, increasing hash rate and improving energy efficiency and network security. In H1 2023, we also saw a significant increase in curtailment, with BMC members reporting 2.5 GW worth of Bitcoin mining operations participating in curtailment programs and 815 GWh of energy released back to local grids during times of peak demand. The majority of this curtailment is reported in the United States and Canada where the available interruptible load is equivalent to approximately 25% of all installed utility battery storage in the United States and Canada. Through these programs Bitcoin mining is proving itself in numerous regions as a critical grid stabilization tool and buyer of last resort.”