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The still-controversial Bitcoin Mining Council is back at it. For the sixth consecutive quarter, the organization published a report that shows how transparent and accountable the bitcoin mining industry is. They put bitcoinâs numbers to the test against companies, countries, and all industries. The network passes with flying colors. The Bitcoin Mining Councilâs conclusion for Q3 is, âas the Bitcoin Network continues to grow, it will become even more efficient over time.â
In Q3 2022, #Bitcoin mining efficiency increased 23% YoY, and sustainable power mix was 59.4%, above 50% for the 6th quarter in a row. The network was 73% more secure YoY, only using 41% more energy, and is now 99% of all crypto hashing power.https://t.co/B0jlkWHYgg
â Michael Saylor (@saylor) October 18, 2022
Founded in May 2021, the Bitcoin Mining Council defines itself as âa voluntary global forum of Bitcoin mining companies and other companies in the Bitcoin industry.âÂ
The Bitcoin Mining Council Shows ReceiptsAccording to the Bitcoin Mining Councilâs chief architect, Michael Saylor, âIn Q3 2022, Bitcoin mining efficiency increased 23% YoY, and sustainable power mix was 59.4%, above 50% for the 6th quarter in a row. The network was 73% more secure YoY, only using 41% more energy, and is now 99% of all crypto hashing power.â
The Q3 report further expands on those numbers:Â
âBased on this data it is estimated that the global bitcoin mining industryâs sustainable electricity mix is now 59.4% or has increased approximately 3% year-on-year, from Q3 2021 to Q3 2022, making it one of the most sustainable industries globally. Additionally, year-on-year it is estimated that the global Bitcoin Networkâs technological efficiency grew by 23%, from 17.7 EH per gigawatt (GW) in Q3 2021 to 21.7 EH per GW in Q3 2022.â
Thatâs right, the sustainable electricity mix keeps growing and bitcoin is just starting. Since the ESG people made bitcoinâs energy consumption an attack vector, the network focused and produced solution after solution to save the environment. In the next few years, the perception of bitcoin mining will change from an indiscriminate consumer of energy to the main financier of energy projects worldwide.
Back to the Bitcoin Mining Council Q3 report, they quote Michael Saylor making another excellent point:Â Â
âWith a hashrate approaching 267 EH, Bitcoin represents 99% of all crypto power, offering 100 times the security of all the other crypto networks combined.â
The report also quotes Ben Gagnon, Chief Mining Officer of Bitfarms, saying:Â
BTC price chart for 10/19/2022 on Bifinex | Source: BTC/USD on TradingView.com Conclusions About Bitcoin Mining, Q3 2022âYoY, Bitcoin security increased by 73% and mining efficiency increased by 23%. The bitcoin network has never been stronger.â
The Bitcoin Mining Council was kind enough to share the slides for the Q3 2022 presentation, and in them, we find even more hard data:
Plus, to put bitcoinâs security into perspective, the slides contain this nugget:Â
âIt would take approximately 66 TW to attack the Bitcoin network using standard cloud computing hardware. The equivalent of 3.5x what the entire Earth is currently producing. Bitcoin is currently using 0.16%, making Bitcoin 2,187.5x more efficient.â
The fact of the matter is that yes, bitcoin consumes energy. However, bitcoin puts that energy to good use. It secures the most necessary financial innovation of all time, among other things.
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