Bitcoin cryptocurrency network started to use 41% more energy in a year

According to the Bitcoin Mining Council, the bitcoin network’s hashrate has increased by 73% over the past year. At the same time, the energy consumption for mining the first cryptocurrency increased by 41%. Currently, bitcoin mining accounts for 0.16% of the world’s global energy production. In addition, the mining of the first cryptocurrency leads to 0.1% of global CO2 emissions.

The BMC organization includes mining companies that generate 45.4% of the total hashrate of the flagship crypto. They report that 67.8% of the energy used for mining comes from renewable energy sources. However, the industry-wide figure is somewhat worse — the percentage of green energy used is 59.4%. By the way, a year earlier it was 56.5%.

«The network of the first cryptocurrency has become 73% safer, while energy consumption has increased by only 41%. Mining efficiency has increased by 23%. Bitcoin provides 100 times more security than all other cryptocurrencies combined. TheBTC network has never been stronger,» said Michael Saylor, former CEO of MicroStrategy.

Earlier, Saylor suggested that in the next four years, the flagship cryptocurrency will exceed the record high of $ 69,000 reached in November 2021. The former MicroStrategy CEO still continues to speak out on the topic of BTC and encourages society to invest in the virtual currency. «Bitcoin is a property that you can buy in small parts and that you can carry with you anywhere. You can give them to your children or grandchildren. And in 250 years, maybe your family will still own this property ,» he said in September.

Also today, it became known that bitcoin has surpassed the three largest US banks — JPMorgan Chase, Bank of America, and Wells Fargo — in terms of market capitalization.