Ever since the beginning of the year 2021, there has been one thing on the tongue of every regulatory authority and major mainstream institution. That thing is the source of energy being used for the mining of cryptocurrencies. Since the start of 2021, the mainstream institutions have continued rejecting cryptocurrencies mined from high carbon-emitting energy sources.
This is the reason why the overall cryptocurrency industry has started experiencing a downfall since the mid of the second quarter of 2021. After such a drawback and resistance from the mainstream institutions, the cryptocurrency mining industry has taken great measures to deal with the situation.
Over time, the cryptocurrency mining sector has made enormous changes to energy consumption to make the industry more adaptable and accepted in the global economy.
The mining sectors have started relying on sustainable energy sources and have started rejecting high carbon-emitting energy sources. This is the reason why Chinese regulatory authorities have started taking such drastic measures in the country against the cryptocurrency mining sector.
The cryptocurrency mining sector in China, using high carbon-emitting sources was a major obstacle for China in achieving its ultimate goal of becoming a carbon-neutral country.
In the entire cryptocurrency industry, the currency responsible for requiring the highest amount of energy is Bitcoin (BTC). This is the reason why the mainstream institutions had started rejecting Bitcoin because it was being mined through high carbon-emitting energy sources.
Just recently, the Bitcoin Mining Council (BMC) has shared a report in regards to the sustainable power for the mining of Bitcoin. The report from the BMC shows that more than half of the total Bitcoin mining sector in the entire world has sustainable power.
The data from the report shows that as of now 56% of the total Bitcoin mining sector now has sustainable power. According to the BMC, these stats have been gathered from the start of the year 2021 until the end of the second quarter of 2021.
For a very long time, there have been many concerns over the high amount of consumption of energy for the Bitcoin mining industry. However, the industry has now started moving towards smart sources of energy generation for the Bitcoin mining industry.
Energy consumption around the world is now becoming sustainable with the help of more efficient and smart energy sources.
The BMC has revealed that it has generated the report on the basis of a three-question survey it had the users participate in. The firm has also revealed that the survey was carried out among 32% of the total Bitcoin miners in the cryptocurrency industry.
The survey results showed that the majority of the Bitcoin miners are currently using around 67% of the energy in the form of a sustainable power mix.