A study revealed that the Bitcoin network is much better than other industries in terms of electricity consumption & carbon emission rate.
The current age of Bitcoin is 13+ years and now the competition to mine Bitcoin is at a very high level, which shows the nature of Bitcoin as highly decentralized. High mining competition means higher numbers of people (miners) mining Bitcoin via their mining machines, which means high consumption of electricity.
On 18 October, The Bitcoin Mining Council (BMC) released its research and study on the electricity consumption by the Bitcoin miners, which are helping the network of Bitcoin to facilitate transactions under a very highly decentralized nature.
Through the video representation, BMC founder Michael Saylor said that the consumption of electricity by the Bitcoin network over the total electricity consumption by the whole world is very small, which is only 0.16% out of the whole amount of electricity consumption by the world.
“Bitcoin uses an inconsequential amount of global energy. The number this quarter is 16 basis points (bps) of the world’s energy or 0.16%.”
The study noted that the whole world uses 165,317 TWh of electricity per year and the Bitcoin network consumes 266 TWh per year. Interestingly, Saylor pointed out that ⅓ of the total electricity consumption worldwide is a part of wastage and that can’t be utilized, so here Bitcoin network electricity consumption is no more responsible to any degree to impact the wastage of electricity consumption.
Furthermore, former Microstrategy CEO Saylor also pointed out that Bitcoin is an industry leader in terms of sustainability because the network of bitcoin blockchain currently operates on a 59.4% sustainable energy mix.
On carbon emission, Saylor said that the Bitcoin network is 0.1% responsible for carbon emission so it is almost negligible over the 99.99% carbon emission by other sectors.