Bitcoin mining efficiency up 23% from 2021
The first cryptocurrency's network is 73% safer than last year, while consuming only 41% more energy, according to a report from the industry's largest association of companies
In the third quarter of 2022, bitcoin's mining efficiency increased by 23% over the same period last year, according to a report from The Bitcoin Mining Council, a forum of miners. The network is 73 percent safer than last year, consuming only 41 percent more energy, and now has 99 percent of all cryptocurrency hash rate, former MicroStrategy CEO Michael Saylor said in presenting the report.
The Bitcoin Mining Council (BMC) is an open association of companies from the mining and blockchain technology industry, which was created by Saylor and his company. The forum includes some of the biggest names in the industry such as Atlas Mining, Bitfarms, Bitriver, BlockFi, Celsius Network, Compass Mining, Compute North, Core Scientific, Delta Mining, Galaxy Digital, Hive Blockchain, Marathon Digital Holdings and other companies.
BMC's third quarter 2022 report focused on three metrics: power consumption, technological efficiency and sustainable capacity allocation.
The results show that BMC members and survey participants use a 67.8% sustainable power supply. This is energy supply that can meet current demand without jeopardizing future energy supply or harming the environment. This supply relies on renewable energy sources.
Based on the research data, it has been calculated that the global bitcoin mining industry has a 59.4% sustainable energy share, making it one of the most energy-efficient industries in the world.
With a hash rate approaching 267 EH, bitcoin represents 99% of the world's cryptocurrency processing power and is 100 times more secure than all other cryptocurrency networks combined, according to a former Microstrategy executive.
Simultaneously with the increase in computing power, the complexity of mining the first cryptocurrency also grows. This figure is automatically recalculated about every two weeks in order to keep the first cryptocurrency issuance rate constant. Last week, the difficulty of mining bitcoin increased by 13.5% and broke the previous record.