Bitcoin Mining Council Q4 2022 Briefing Shows a Drop in Sustainable Energy Usage

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The Bitcoin Mining Council (BMC) recently released its Q4 2022 briefing, showing a current sustainable energy mix of 58.9% – a half percent decrease from the previous quarter’s 59.4% figure. The BMC was formed in May 2021 in response to Tesla’s U-turn on accepting Bitcoin for payment over claims the network is powered mainly by coal. Tesla CEO Elon Musk had deemed coal the most polluting of all fossil fuels, triggering his decision. In response to the snub, Bitcoin’s price sunk 48%, bottoming at $30,200 two weeks later, highlighting the severity of the incident. Further, public backlash against Musk heightened, with many blaming him for the sharp price correction. (cryptoslate)

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