Michael Saylor’s Bitcoin Mining Council with 9 founding and 14 new members, presented their research on energy use in bitcoin mining to the public July 1, 2021, as a first step in attempting to counteract much of the misinformation around this issue.
In addition to MicroStrategy CEO Michael Saylor, presenters on the panel included Hut 8 CEO Jaime Leverton, Argo CEO Peter Wall, and Darin Feinstein, founder of Blockcap and Core Scientific.
With 14 new member mining companies in addition to 9 founding members the council now represents 32% of the mining industry.
Getting The Message Out
One of the council’s challenges is to get the public familiar with a few basic concepts around the amount of energy used in mining and the percent of sustainable sources in that energy mix.
The main messages to get out — and you’ve likely seen them if you’re familiar with the issue — are the following:
1. The Bitcoin network uses a negligible amount of the world’s energy — 189 terawatt hours as compared to 162,194 terawatt hours of total global energy use (0.02% of all energy consumed).
2. Bitcoin miners are rapidly becoming more energy efficient using an increasing percentage of sustainable sources (wind, solar, hydro, geothermal, nuclear) in their energy mix.
Bitcoin is powered by a higher mix of sustainable energy (56%) than any other industry or major country.
The Great China Exodus
For those who have been in the space for a decade it’s hard to believe that this China ban is the real thing, but as the days have passed since the first edict in May 2021, it’s becoming more clear that, this time, China is serious — possibly wanting to protect their own digital yuan.
As this historic change to the bitcoin landscape unfolds, its far-reaching effects are becoming more clear as well.
As the hash rate drops to historic lows, mainly because of Chinese miners leaving or just shutting down, the mining business has become more profitable for the remaining…