The Bitcoin Mining Council is back. The controversial initiative, led by Michael Saylor, presented “the results of their first quarterly survey, which focused on two key metrics: power consumption and sustainable power mix”. The program was broadcast on YouTube and was public. However, you decide to limit their reproduction on other websites. Embedding is therefore not possible.
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According to their survey, Bitcoin mining’s power mix rose to 56% sustainable energy. This number comes from the responses of “over 32 percent of the current global Bitcoin network”. Can we trust them? Possibly. Will the anti-bitcoin media and conflicting economic actors believe them? That’s a whole different story.
The still-suspicious organization was formed to combat environmental FUD propagated by Elon Musk and most of the legacy media. Your reason for being already appeared on these pages:
The Bitcoin Mining Council (BMC) stated that its purpose is not to be a regulator of any kind. You are not here to tell anyone what to do. It should be a forum open to all miners. No fee is required to participate. Members just have to agree to make their energy mix and hash rates transparent for research and educational purposes.
However, the Bitcoin community remains skeptical. The smell of centralization will not be tolerated, and these types of organizations tend in that direction. Is this an open group or a private country club? On the other hand, other members of the community think that “Bitcoin doesn’t matter” and that everyone is free to do what they want.
To combat all of these narratives, the Bitcoin Mining Council has started holding its meetings outdoors … but always keeping a bit of that appeal behind closed doors.
On Thursday, July 1st at 4:00 p.m. EDT, the Bitcoin Mining Council will be handing out its Q2 2021 briefing clarifying actual #bitcoin power consumption, followed by a briefing for the general public at 5:00 p.m.
– Michael Saylor (@michael_saylor) June 28, 2021
I.e. YOU are the “general public”.
While mines are leaving China, the Bitcoin Mining Council is attacking
One of the main arguments against the Bitcoin community’s claim that their mining is one of the cleanest industries in the world has been China. An estimated 60% of the miners were in the area, and although Nic Carter went to great lengths to prove that they were mostly using green energy, the anti-bitcoin media didn’t believe it. Because they didn’t trust data from China.
Well, the Chinese government has banned bitcoin mining. As NewsBTC reported, the migration of the great miners is well underway.
Tons of mining machines are currently traveling to their new home. There are reports of a huge operation in Kazhakstan, a neighboring state of China. There are also rumors that equipment and personnel have already settled in Texas. The US state is pushing to become a bitcoin mining capital, and it seems the efforts have already borne fruit.
Related reading | Saylor: North American Bitcoin miners form coalition after meeting with Elon Musk
Regarding this fact, the Bitcoin Mining Council press release states:
Darin Feinstein, Founder of Blockcap and Core Scientific, noted that the survey comes at a crucial time as the Bitcoin industry sees its mining activities further decentralized due to the exodus of miners from China. “Although China has closed over 60 percent of the global Bitcoin network, the Bitcoin network has registered no downtime, no bailouts, no bankruptcies, and has simply adapted by moving its infrastructure to regions with greater freedom.”
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The results of the BMC survey for the second quarter of 2021
Based on the network’s Bitcoin Mining Council survey, the mining power mix rose to 56% sustainably in the second quarter of 2021, making #Bitcoin one of the cleanest industries in the world
– Michael Saylor (@michael_saylor) July 1, 2021
The good news is that there is data to show that “Bitcoin’s mining electricity mix rose to 56% sustained in the second quarter of 2021”. Are these dates valid? That is a completely different question. The Bitcoin Mining Council goes into the results:
The results of this survey show that BMC members and survey participants currently use electricity with a 67% sustainable electricity mix. Based on this data, it is estimated that the sustainable power mix of the global mining industry rose to around 56 percent in the second quarter of 2021
So yes, the numbers are estimates and the data is from a voluntary survey. We’ll have to wait and see how the story and numbers play out once the Chinese miners have found their new home.
You can find more information about the Bitcoin Mining Council here.
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