Select Page

Michael Saylor’s Bitcoin Mining Council’s First Quarterly Report

Michael Saylor’s Bitcoin Mining Council’s First Quarterly Report
Loading...
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

The controversial organization has had its first major public briefing, discussing important aspects of the mining industry.

Michael Saylor’s Bitcoin Mining Council with 9 founding and 14 new members, presented their research on energy use in bitcoin mining to the public July 1, 2021, as a first step in attempting to counteract much of the misinformation around this issue.

In addition to MicroStrategy CEO Michael Saylor, presenters on the panel included Hut 8 CEO Jaime Leverton, Argo CEO Peter Wall, and Darin Feinstein, founder of Blockcap and Core Scientific.

With 14 new member mining companies in addition to 9 founding members the council now represents 32% of the mining industry.

Getting The Message Out

One of the council’s challenges is to get the public familiar with a few basic concepts around the amount of energy used in mining and the percent of sustainable sources in that energy mix.

The main messages to get out — and you’ve likely seen them if you’re familiar with the issue — are the following:

1. The Bitcoin network uses a negligible amount of the world’s energy — 189 terawatt hours as compared to 162,194 terawatt hours of total global energy use (0.02% of all energy consumed).

2. Bitcoin miners are rapidly becoming more energy efficient using an increasing percentage of sustainable sources (wind, solar, hydro, geothermal, nuclear) in their energy mix.

Bitcoin is powered by a higher mix of sustainable energy (56%) than any other industry or major country.

screen shot 2021 07 02 at 72157 am

The Great China Exodus

For those who have been in the space for a decade it’s hard to believe that this China ban is the real thing, but as the days have passed since the first edict in May 2021, it’s becoming more clear that, this time, China is serious — possibly wanting to protect their own digital yuan.

As this historic change to the bitcoin landscape unfolds, its far-reaching effects are becoming more clear as well.

As the hash rate drops to historic lows, mainly because of Chinese miners leaving or just shutting down, the mining business has become more profitable for the remaining miners around the world.

This change in hash rate dominance has inadvertently caused an increase in the percentage of renewables used in the Bitcoin network as mining companies look for the most cost-effective energy sources which are generally renewables at the edge of the grid.

In addition, the use of coal in China — mainly in the off rainy season but also used year round in some mining — will no longer be a factor.

Chinese miners relocating now will likely leave behind older equipment like S9s for more energy efficient ASICs like the S19s.

Bigger operations in places like North America can now count on easier access to the latest and most efficient models (an S19 is five times more efficient than a S9).

Going Forward

The Bitcoin Mining Council will continue working on educating the public and particularly investors on the importance of the global mining industry. The industry’s sustainable electricity mix has grown to approximately 56% during Q2 2021, making it one of the most sustainable industries globally.

As Feinstein noted in a release, the council’s briefing comes at a pivotal moment for the industry as the China exodus fast-forwards the decentralization of bitcoin mining.

“Despite China shutting down over 60 percent of the global Bitcoin network, the Bitcoin network experienced zero downtime, no bailouts, has registered no bankruptcies and simply adapted by redeploying its infrastructure into regions that have greater freedoms,” Mr. Feinstein said. “The network remains as strong as ever, it simply shrugs off adversity and moves forward.”

 

Source: Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

 


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now
Loading...

Don't forget to share your review/suggestions for android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here
Loading...

Categories

Select Sub Category
category
6146b9aac79a6
1
1
Loading....

Reviews

All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber

Recent Comments