Topic: The Bitcoin Mining Council (BMC) global bitcoin mining review Q1 2022 (Read 160 times)

This is a good innovation whereby there will be an alternative source to the challenging demand for electricity in mining sector especially with "Renewable energy" which is one of the solution to tackle the demand and if the BMC will discharge responsibilities needed to play with this role, to an extent having a sustainability in the energy required in bitcoin mining is a global challenges that is not only applicable to a specific location, we have large numbers of miners across the world who could key into the maximization of alternative energy supply through a renewable source for their sustainability.

We have similar thread that have engage on a related discussion in like manners: Congress Hearing On Bitcoin’s Energy Use And also you can as well read more on bitcoin energy consumption index I also finds it a need to understand why energy sustainability is needed in the bitcoin mining section across the world because if this challenge is becoming overwhelming then there may be a negative implication in the hash rate as government can be one of the major constitute to this challenge.
 

total BS

they are not using over 200TWH of electric on the grid for bitcoin
it would require extreme hashrates to even come close to using that amount of electric


first of all bitcoin has never even surpassed say 210exahash mining EVER
and different times of the year the hashrate is less than other times

but lets extreme it and say the whole year the hashrate has been 210exahash

now lets take 2 varieties of ASIC hahpower
A. the VERY OLD and outdated s9 asics (1.4kwh for 14thash) that no one really uses any more
B. the current range s19 asics (3.25kw for 110 thash)

easy math
A. 210,000,000thash / 14thash
=15mill S9 asics
=21,000,000kw/h
=21gw/h
184TWH/Year

yep even on the crappiest asics, with a overestimation of the network hashrate being at a constant over hashing.. the number is at best 184TWH .. no where near the 247TWH the image in the topic creators post shows

lets do the current range asics with the same over hashing extreme
B.210,000,000thas /110thash
1,909,090 s19 asics
=6,204,545kw/h
=6gw/h
54TWH/YEAR

so there we have it.. the number is under 184 and somewhat closer to the 54
no where near the 240+TWH number they want to suggest

it would require all asics to be crappy old S9 range from 2018 online.. and also the network hashrate to be something extreme like over 300exahash ALL YEAR constantly to even come to the silly 240TWH they suggest

none of these numbers or stats are from any scholar or university or any smart people. its just fudged numbers from some mining cartel in america trying to stupidly suggest their own industry is a disaster.. i have no clue why they are motivated to suggest these silly extremes. and do such bad math..

The stat includes 2021 when China is still involved in mining hashrates, but I think this shows how bitcoin is consuming low electricity in the world and how more than half of the electricity consumed are from sustainable energy.

*The annotated term “sustainable electricity” was defined by electricity generate by: hydro, wind, solar, nuclear, geothermal.


https://bitcoinminingcouncil.com/wp-content/uploads/2022/04/2022.04.25-Q1_2022_BMC_Presentation.pdf

Bitcoin Mining Council (BMC) is made up of 44 mining companies representing 50% of the global network



Bitcoin mining energy and carbon emission summary

Bitcoin mining uses an inconsequential amount of global energy (16bps) and generates negligible carbon emissions (8bps).
Bitcoin mining hashrate is up 23% YoY, and energy usage is down 25% YoY, due to an increase in efficiency of 63%.
Bitcoin is the industry leader in sustainability with a 58% sustainable energy mix


BMC survey methodology:
The BMC surveyed bitcoin miners around the the asking three questions;
1.) How much electricity does your total fleet consume today?
2.) What is the total % of sustainable electricity* within your fleet's power generation mixed today?
3.) What is the total aggregate hashrate of your fleet today?