A new survey by the Bitcoin mining council confirms power improvements

The Bitcoin Mining Council recently released a new survey. The report revealed a 70% increase in the Bitcoin mining hash rate in H1 2023. Similarly, there has been a 1% growth in sustainable power within the period. The voluntary global forum for BTC mining projects released its findings based on three major metrics: technological efficiency, sustainable power mix, and electricity consumption.

As per the report, the BMN membership hash rate has witnessed a growth from 24 EH to 258 EH between Q1 2022 and Q2 2023. Bitcoin Mining Council represents 43.4% of the worldwide Bitcoin Mining Network. Its members have been spread across six continents.

The survey showcases how BMC members are using electricity with a 63% sustainable power mix. On a year-on-year basis, Bitcoin Network’s technological efficiency has also grown by 24%. The metric has shifted from 21.1 EH per GW to 26.1 EH per GW between H1 2022 and H1 2023.

The gain reaffirms the status of Bitcoin Network’s growth with increasing efficiency. The latest publication was the 8th quarterly release by the Bitcoin Mining Council. Ever since its inception back in May 2021, the council has been supporting the biggest Bitcoin mining projects worldwide.

Bitfarm’s Chief Mining Officer, Ben Gagnon, also talked about the development. According to Gagnon, the Bitcoin network has never been safer or stronger since entering 2023. Even with the macro headwinds in H2 2022, the industry is deploying miners with improved energy efficiency and increased hash rate.

H1 2023 also witnessed a massive increase in curtailment, where BMC members reported 2.5 GW worth of BTC mining operations. The members released 815 GWh worth of energy back to local grids during need, added Gagnon.

BMC held an official presentation on 9th August to talk about the results in front of a massive audience. The event was a success, and the council is expected to grow in popularity, given its latest ventures.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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