The Bitcoin Mining Council, an alliance of cryptocurrency mining companies backed by the CEO of MicroStrategy Inc. Michael Saylor, made the announcement that the global bitcoin mining industry continues to rely on power from sustainable sources.
According to the quarterly report, the global BTC mining industry had a sustainable power balance of 58.4% from January to March, up from 36.8% last year, an increase of 59% year-over-year.
At the same time, bitcoin mining hash rate reportedly increased 23% year-over-year in the first quarter, while energy consumption decreased by 25% and mining efficiency increased by 63%.
The benefits of new technology and greater reliance on energy sources such as wind and solar have made bitcoin mining “one of the most sustainable industries in the world,” the council said in a statement.
The council said its findings are based on data collected 50% from the global bitcoin network.
In contrast to the Bitcoin Mining Council’s report, a study published in February in Joule magazine shows that the environmental impact of bitcoin mining has worsened since China restricted cryptocurrency mining.
These “researchers” can’t seem to please them, as Chinese miners have previously been accused of using energy from coal-fired power plants, which has had a devastating effect on the environment.