However, new data shows that 56% of energy used in global bitcoin mining in the June-ended quarter has come from renewable resources. The Bitcoin Mining Council, a voluntary global forum for mining companies and other bitcoin companies, conducted a survey of 32% of the current global bitcoin network to estimate global consumption patterns. The findings come at a time when bitcoin mining faces severe backlash owing to its high energy consumption properties. “Bitcoin mining uses a negligible amount of energy, is rapidly becoming more efficient, and is powered by a higher mix of sustainable energy than any major country or industry,” the council stated. The Bitcoin Mining Council was formed to promote energy usage transparency and accelerate sustainable mining worldwide.

Source: The Hindu July 08, 2021 08:15 UTC