The Bitcoin Mining Council (BMC) has released a new report offering an insight into Bitcoin mining energy consumption months after the asset came under criticism over its carbon footprint.
The report notes that Bitcoin mining at 188 TW/h accounts for only 0.38% of the global 50,000TW/h energy that goes to waste due to inefficiencies. Elsewhere, compared to the worldwide energy consumption, Bitcoin mining only accounts for a share of 0.12%.
Worth noting is that Bitcoin mining has come under sharp criticism from environmentalists over its carbon footprint. After the asset surged to a new all-time high in April this year, the debate on energy consumption accelerated partly contributing to Bitcoin’s drop in value.
The report further notes that in the United States, almost 65% of the produced energy is lost or goes to waste. In this case, the Bitcoin network can potentially be consuming only 2.8% of the United States’ wasted energy.
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