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%.
Bitcoin energy consumption vs global consumption and wasted energy. Source: BMC. The full presentation can be seen on YouTube here.
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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