Bitcoin Mining Became Greener and More Efficient in 2022

Bitcoin Mining Became Greener and More Efficient in 2022 - Check out the story here

Bitcoin mining industry’s hashing technology only continued to grow more efficient throughout the year, according to a new survey from the Bitcoin Mining Council

[{"selector":"#anim-6f0fd2df-3ef7-4d8e-b290-90c23294dfea [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

The industry also grew marginally greener, retaining a sustainable energy mix of over 58%.

[{"selector":"#anim-b0adbeb5-002c-4eda-a983-dd0148b6bce2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-28.90624987200394%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Arrow

In a press release on Thursday, the BMC confirmed that its members’ hashrate has increased from 95 exahashes from its inception in Q1 2022 to 119 exahashes by Q4 2022

[{"selector":"#anim-a7142b30-c53e-4fa3-a78b-59589861d8bb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.74910490725541%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

An exahash is equal to 1 quintillion hashes – answers to a complex math problem produced by miners in a race to create Bitcoin’s next block.

[{"selector":"#anim-5cdf4144-854f-4172-8b4f-a2d269aee5a2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Arrow

[{"selector":"#anim-11ad092a-c9e0-4d57-83e1-c92a2156ddb4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.499999772451451%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] BMC represents 48.4% of Bitcoin’s global hash rate, meaning its collective increase in hashrate has implications for the entire network. Arrow

A higher hashrate forces Bitcoin’s difficulty to adjust higher, increasing the network’s security and settlement assurance.

[{"selector":"#anim-c0f452ed-8bcf-4388-9a29-8108a95477d5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.21462252752049%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Arrow

According to the Cambridge Bitcoin Electricity Consumption Index, the network currently consumes roughly 102.91 TWh per year

[{"selector":"#anim-f8be4483-ad27-487d-b3cd-27a12577fa42 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-14.843749786673241%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

[{"selector":"#anim-155038bc-725f-4747-bfd3-567690eedaf6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.21462252752049%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Based on this data, the global bitcoin mining industry’s sustainable electricity mix has improved marginally to 58.9% and remains one of the most sustainable industries globally Arrow

Hope you people found the story informative. For more such interesting stuff, click on the link given below

[{"selector":"#anim-6b3ce70f-403c-4352-92f7-0df42c830e77 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.21462252752049%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow SWIPE UP