Q3 Bitcoin Mining Council Survey Confirms Year on Year Improvements in Sustainable Power Mix and Technological Efficiency

AUSTIN, TEXAS – October 18, 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 third quarter 2022 (“Q3”) survey focused on three metrics: electricity consumption, technological efficiency and sustainable power mix.

The BMC membership hashrate increased from 35 EH at its inception, to 105 EH in Q3 2022. BMC now represents 45.4% of the global Bitcoin Mining Network with members spread across 5 continents. The results of this survey show that the members of the BMC and participants in the survey are currently utilizing electricity with a 67.8% sustainable power mix. Based on this data it is estimated that the global bitcoin mining industry’s sustainable electricity mix is now 59.4% or has increased approximately 3% year-on-year, from Q3 2021 to Q3 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 23%, from 17.7 EH per gigawatt (GW) in Q3 2021 to 21.7 EH per GW in Q3 2022. 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 sixth 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.

“With a hashrate approaching 267 EH, Bitcoin represents 99% of all crypto power, offering 100 times the security of all the other crypto networks combined.”, said Mr. Saylor.

Ben Gagnon, Chief Mining Officer of Bitfarms stated, “YoY, Bitcoin security increased by 73% and mining efficiency increased by 23%. The bitcoin network has never been stronger.”