Who said bitcoin can’t get better? Ponzi scheme, volatile, anti-ecology… so many pejorative qualifications for bitcoin. Crypto-skeptics will never stop. However, recent reports dismantle these arguments one by one. That of the Bitcoin Mining Council, focused on the performance of the queen of cryptocurrencies for the first half of 2023contradicts one of the anti-bitcoin theses.
Bitcoin hash rate on the rise
On one side there is the camp of skeptics. They argue that the entire Bitcoin network would consume more energy than all of Argentina put together. On the other hand, there is a collective arguing that Proof-of-Work mining promotes the reduction of its carbon footprint. The world has never been so divided over bitcoin.
A recent survey conducted by the Bitcoin Mining Council highlighted major advances for the flagship crypto.
” THE Bitcoin mining hash rate increased by 70% year-over-year in the first half of 2023, while sustainable power increased by 1% “, can we read in The report from BCM.
Since the creation of this voluntary global forum, including bitcoin mining companies and crypto businesses, the hash rate of its members has increased from 24 PE to 158 PE between the first quarter of 2022 and the 2e quarter 2023. This justifies this increase of 70%.
Right now, the Bitcoin Mining Council represents 43.4% of the global bitcoin mining network. Its members, spread over 6 continents, use electricity with a sustainable energy mix of more than 63%.
Hence the good performance in terms of sustainable electricity mix for the entire mining industry. Recent BMC statistics show a slight increase of 59.9%. What makes bitcoin mining easily find a place from ” most sustainable industries globally ».
Furthermore, it should be noted that thetechnological efficiency of the bitcoin network in the world increased from 21.1 PE per gigawatt in the first half of 2022 to 26.1 PE per GW in the first half of 2023. In other words, it increased by 24%.
” This efficiency gain confirms the fact that as the Bitcoin network continues to grow, it will become even more efficient over time. “, can we read in the report.
The network continues to consolidate
This review comes from Ben Gagnon, Chief Mining Officer of Bitfarm. Here is an excerpt from his speech:
” At the dawn of 2023, the bitcoin network has never been stronger nor so sure. Despite the macroeconomic headwinds of the second half of 2022, the industry continued to deploy new miners, increasing hash rate and improving energy efficiency and network security. In the first half of 2023, we also saw a significant increase in reduction, with BMC members saying 2.5 GW of Bitcoin mining operations participate in curtailment programs and 815 GWh of power is returned to local grids when demand peaks. The majority of this reduction is reported in the United States and Canada, where available interruptible load is equivalent to approximately 25% of all installed battery storage in the United States and Canada. Through these programs, bitcoin mining is proving itself in many regions as an essential network stabilization tool and buyer of last resort. »
You might be wondering which companies make up the Bitcoin Mining Council. Here are a few: Hut8, Riot Blockchain, Consensus Mining, BitDeer, Argo Blockchain, Celsius Network, Terawulf, Atlas Mining, BlockWare Mining, Mined Map, MicroStrategy (whose boss is a bitcoin and mining enthusiast), etc.
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