- - The Bitcoin Mining Council presented a talk about Bitcoin and energy the day before.
- - It says that Bitcoin mining's energy mix is 56% sustainable.
- - It's a dubious conclusion.
The Bitcoin Mining Council, which was established earlier this year in response to concerns about Bitcoin's environmental impact, has released a presentation stating that 56 percent of Bitcoin's electricity comes from "sustainable" sources.
The amount is based only on the council's own "research, assumptions, and extrapolation," and the term "sustainable" is left open to interpretation. There were no detailed energy breakdowns given.
There are a number of reasons to be wary. Bitcoin miners are members of the Bitcoin Mining Council, and headlines regarding Bitcoin and the environment are bad for business. “Bitcoin Mining Council Survey Confirms Sustainable Power Mix,” according to a news statement accompanying the council's new findings.
The council also claims to have gathered survey data from mining businesses that account for 32% of worldwide Bitcoin hashpower. Although 67 percent of the respondents' energy mix was deemed "sustainable," the poll was voluntary, so miners with a less favourable energy mix were free to opt out.
A large exodus of miners from coal-heavy energy grids in provinces like Qinghai and Inner Mongolia has resulted in a significant fall in the network's power use over the previous two months, which may be skewing the percentages.
Cambridge University's Center for Alternative Finance will release a research in September 2020 found that Only 39% of the energy used in cryptocurrency mining came from renewable sources.