Bitcoin Mining Became Greener and More Efficient in 2022
Bitcoin’s sustainable energy mix is roughly 58.9% sustainable as of Q4 2022. Despite much turmoil in 2022, the 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 (BMC).
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. 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. A higher hashrate forces Bitcoin’s difficulty to adjust higher, increasing the network’s security and settlement assurance. Powering those computers costs a lot of electricity, but the BMC argues that its electricity sources are primarily clean.
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