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

AUSTIN, TEXAS – APRIL 25, 2022 — 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 quarter 2022 (“Q1”) survey focused on three metrics: electricity consumption, technological efficiency and sustainable power mix.

The BMC revealed that for the first time it has successfully collected data from 50% of the global Bitcoin Network, representing 100.9 exahash (EH), as of March 31, 2022, in its latest voluntary sector survey. The results of this survey show that the members of the BMC and participants in the survey are currently utilizing electricity with a 64.6% sustainable power mix. Based on this data it is estimated that the global bitcoin mining industry’s sustainable electricity mix is now 58.4% or had increased approximately 59% year-on-year, from Q1 2021 to Q1 2022, making it one of the most sustainable industries globally. Additionally, year-on-year it is estimated that the global Bitcoin Network’s technological efficiency grew by 63%, from 12.6 EH per gigawatt (GW) in Q1 2021 to 20.5 EH per GW in Q1 2022. This efficiency gain reaffirms the fact that as the Bitcoin Network continues to grow, it will become even more efficient over time.

Moreover, the publication of this data represents the fourth 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 CEO, Michael Saylor.

“In the first quarter of 2022, the hashrate and related security of the Bitcoin Network improved by 23% year-on-year while energy usage decreased 25%. We observed a 63% year-on-year increase in efficiency due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and the worldwide adoption of sustainable energy and modern bitcoin mining techniques.” said Mr. Saylor.

Darin Feinstein, co-founder of Core Scientific and the BMC stated, “The BMC membership hashrate increased from 29 EH at its inception, to 101 EH in Q1 2022.  In only one year’s time, the BMC now represents 50% of the global Bitcoin Mining Network with members spread across 5 continents.  As sunlight is the best disinfectant, it is important for the world to get the real facts about the amount of energy used and carbon released by the Bitcoin Network. We hope that those with journalistic integrity honor their commitment to providing truthful media and news with use of this ground-breaking data, accessible to all.”