Q4 2022 Bitcoin Mining Council Survey Confirms Year on Year Improvements in Sustainable Power and Technological Efficiency

AUSTIN, TEXAS – January 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 fourth quarter 2022 (“Q4”) survey focused on three metrics: electricity consumption, technological efficiency and sustainable power mix.

The BMC membership hashrate increased 95 EH, from its inception in Q1 2022, to 119 EH in Q4 2022. BMC represents 48.4% 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 63.8% sustainable power mix. Based on this data, the global bitcoin mining industry’s sustainable electricity mix has improved marginally to 58.9% 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 16%, from 19.3 EH per gigawatt (GW) in Q4 2021 to 22.4 EH per GW in Q4 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 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.

“With a hashrate approaching 246 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, “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 hashrate and improving energy efficiency and network security. In Q4 2022 we also saw a significant increase in curtailment, with 14 BMC members reporting 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 is reported in the United States and Canada where the available interruptible load is equivalent to about 25% of installed utility battery storage in the United States and Canada. Through these programs Bitcoin mining is proving itself in numerous regions as a powerful grid stabilizer and buyer of last resort.”