The Bitcoin Mining Council, which was founded earlier this year in response to concerns about Bitcoin’s environmental impact, shared a presentation claiming that 56% of the electricity behind Bitcoin comes from “sustainable” sources.
The Advisory Panel cites their own “analysis, assumptions and extrapolation” as the only source for the figure and leaves the word “sustainable” to be interpreted. Exact energy details are not provided.
There is reason to be skeptical. Bitcoin Mining Board members have a hand in it, and the title is about Bitcoin and the bad environment for business. The press release accompanying the board’s new data was complemented by the holiday headline, “Bitcoin Mining Board Study Confirms Sustainable Energy Mix”.
The board also said it collected data from a survey of mining companies, which account for 32% of the world’s power behind Bitcoin. 67% of respondents ‘The energy mix is considered sustainable’ but survey responses are voluntary which means miners with a less favorable energy mix can lose.
The recent government crackdown on Chinese Bitcoin miners could also distort prices – the mass exodus of miners from energy heavy grids in provinces like Qinghai and Inner Mongolia has resulted in significant reductions in grid energy consumption in the past two months.