Will Tesla Reconsider? BMC Reports Bitcoin Mining’s Greener Shift in 2023

The Bitcoin Mining Council (BMC) recently shared the results of its survey for the first half of 2023. This survey delved into topics such as power usage, the progress in technology, and the extent to which renewable energy sources are being used in the industry.

Since its establishment in the first quarter of 2022, the BMC’s member hash rate has surged from 24 EH to 158 EH by the second quarter of 2023. Notably, BMC holds 43.4% of the global Bitcoin Mining Network with its members scattered over six continents. The survey indicated that 63.1% of the electricity used by its members is from sustainable sources. In broader terms, the global bitcoin mining sector’s green energy usage has slightly risen to 59.9%, making it one of the greenest industries worldwide. Moreover, from H1 2022 to H1 2023, there’s been a 24% growth in the technological efficiency of the Bitcoin Network, moving from 21.1 EH per gigawatt to 26.1 EH.

Established in May 2021, the BMC has continually provided quarterly data releases. This organization enjoys backing from major Bitcoin mining corporations and also from MicroStrategy, with Michael Saylor as its Chairman.

Bitfarm’s Chief Mining Officer, Ben Gagnon commented, “As we moved into 2023, the strength and security of the Bitcoin network have reached unprecedented levels. Despite facing challenges in late 2022, our industry has expanded, reflected in the rising hash rate and enhanced energy efficiency. In the first half of 2023, curtailment saw a notable spike. BMC members have disclosed that Bitcoin mining activities participating in these curtailment programs gave back 815 GWh of energy during high demand periods. This curtailment is majorly seen in the US and Canada, equating to nearly 25% of the total utility battery storage in these nations. Such initiatives solidify Bitcoin mining’s role as an essential tool for grid stability in many areas.”

Lastly, it’s worth noting Elon Musk’s statement on Tesla reconsidering Bitcoin payments. Musk mentioned Tesla would think of accepting Bitcoin payments once the mining sustainability reached about 50%. With BMC’s recent findings showing a 59.9% sustainable energy mix in mining, the question remains: “When will Tesla start accepting Bitcoin again, Mr. Musk?”