{"id":45485,"date":"2021-07-05T09:36:58","date_gmt":"2021-07-05T06:36:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45485"},"modified":"2025-09-01T11:24:52","modified_gmt":"2025-09-01T08:24:52","slug":"crypto-community-criticises-study-on-green-energy-share-in-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/crypto-community-criticises-study-on-green-energy-share-in-bitcoin-mining\/","title":{"rendered":"Crypto community criticises study on green-energy share in Bitcoin mining"},"content":{"rendered":"<p>Analyst Larry Cermak of The Block Research questioned the objectivity of the Bitcoin Mining Council (BMC) study on the share of green energy in the global Bitcoin mining industry.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is really laughable. No methodology disclosed, very dubious result and super small sample of like 5% of the total hashrate. No one knows what the energy mix will look like until the hashrate from China relocates and a new proper study is conducted. Why do people trust this?<\/p>\n<p>\u2014 Larry Cermak (@lawmaster) <a href=\"https:\/\/twitter.com\/lawmaster\/status\/1410708201478164481?ref_src=twsrc%5Etfw\">July 1, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u00ab\u042d\u0442\u043e \u0441\u043c\u0435\u0448\u043d\u043e. \u041c\u0435\u0442\u043e\u0434\u043e\u043b\u043e\u0433\u0438\u044f \u043d\u0435 \u0440\u0430\u0441\u043a\u0440\u044b\u0442\u0430, \u043e\u0447\u0435\u043d\u044c \u0441\u043e\u043c\u043d\u0438\u0442\u0435\u043b\u044c\u043d\u044b\u0439 \u0440\u0435\u0437\u0443\u043b\u044c\u0442\u0430\u0442 \u0438 \u0441\u0432\u0435\u0440\u0445\u043c\u0430\u043b\u0435\u043d\u044c\u043a\u0430\u044f \u0432\u044b\u0431\u043e\u0440\u043a\u0430, \u043e\u043a\u043e\u043b\u043e 5% \u043e\u0442 \u043e\u0431\u0449\u0435\u0433\u043e \u0445\u0435\u0448\u0440\u0435\u0439\u0442\u0430. \u041d\u0438\u043a\u0442\u043e \u043d\u0435 \u0437\u043d\u0430\u0435\u0442, \u043a\u0430\u043a \u0431\u0443\u0434\u0435\u0442 \u0432\u044b\u0433\u043b\u044f\u0434\u0435\u0442\u044c \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430 \u044d\u043d\u0435\u0440\u0433\u043e\u043f\u043e\u0442\u0440\u0435\u0431\u043b\u0435\u043d\u0438\u044f, \u043f\u043e\u043a\u0430 \u0445\u0435\u0448\u0440\u0435\u0439\u0442 \u0438\u0437 \u041a\u0438\u0442\u0430\u044f \u043d\u0435 \u043f\u0435\u0440\u0435\u043c\u0435\u0441\u0442\u0438\u0442\u0441\u044f \u0438 \u043d\u0435 \u0431\u0443\u0434\u0435\u0442 \u043f\u0440\u043e\u0432\u0435\u0434\u0435\u043d\u043e \u043d\u043e\u0432\u043e\u0435 \u043d\u0430\u0434\u043b\u0435\u0436\u0430\u0449\u0435\u0435 \u0438\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u0435. \u041f\u043e\u0447\u0435\u043c\u0443 \u043b\u044e\u0434\u0438 \u044d\u0442\u043e\u043c\u0443 \u0432\u0435\u0440\u044f\u0442?\u00bb, \u2014 \u043d\u0430\u043f\u0438\u0441\u0430\u043b \u0427\u0435\u0440\u043c\u0430\u043a \u0432 \u043a\u043e\u043c\u043c\u0435\u043d\u0442\u0430\u0440\u0438\u0438 \u043f\u043e\u0434 \u0442\u0432\u0438\u0442\u043e\u043c \u0433\u043b\u0430\u0432\u044b MicroStrategy \u041c\u0430\u0439\u043a\u043b\u0430 \u0421\u044d\u0439\u043b\u043e\u0440\u0430.<\/em><\/p>\n<\/blockquote>\n<p>One Twitter user noted that currently \u201c50% of the hashrate is offline.\u201d In response, Cermak called the BMC study a \u201cmassive joke\u201d and noted that it would only alienate people who take the issue seriously.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It\u2019s really a massive joke. How do they expect people who actually care about the energy mix to take it seriously? It will only alienate those people further<\/p>\n<p>\u2014 Larry Cermak (@lawmaster) <a href=\"https:\/\/twitter.com\/lawmaster\/status\/1410713483025563650?ref_src=twsrc%5Etfw\">July 1, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Zack Voell joined the criticism, noting that the result obtained in the report, \u201cby pure chance,\u201d corresponds to Elon Musk&#8217;s earlier demands.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">This is the first time I\u2019ve ever said this but: great tweet from <a href=\"https:\/\/twitter.com\/lawmaster?ref_src=twsrc%5Etfw\">@lawmaster<\/a>. <\/p>\n<p>A survey with no methodology during a tectonic shift in the network\u2019s hashrate distribution that ~just happens~ to be over Elon Musk\u2019s 50% renewable brightline? Nice! <a href=\"https:\/\/t.co\/O58o2xx1uv\">pic.twitter.com\/O58o2xx1uv<\/a><\/p>\n<p>\u2014 Zack Voell (@zackvoell) <a href=\"https:\/\/twitter.com\/zackvoell\/status\/1410716517013000194?ref_src=twsrc%5Etfw\">July 1, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Coin Metrics founder Nic Carter joined the discussion with Cermak. He reminded that the study was conducted \u201cin conditions of uncertainty,\u201d and it is pointless to pause the analysis \u201cjust because some hashrate is offline.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">How can any conclusions be made from the survey if more than 50% of hashrate went offline and is relocating at the moment, which can easily take months?<\/p>\n<p>\u2014 Larry Cermak (@lawmaster) <a href=\"https:\/\/twitter.com\/lawmaster\/status\/1410709969071136772?ref_src=twsrc%5Etfw\">July 1, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In his thread Carter noted that the sample included companies accounting for 32% of the hashrate. The founder of Coin Metrics called the result impressive, but acknowledged that the survey largely touched American and European miners.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">headline figure: 67.6% sustainable energy from the in-sample miners (32% of the network)<\/p>\n<p>is there sample bias? absolutely. this is a primarily western initiative so mostly n. american and european miners. and of course if you are exclusively coal you may not want to disclose<\/p>\n<p>\u2014 nic carter (@nic__carter) <a href=\"https:\/\/twitter.com\/nic__carter\/status\/1410765574007922689?ref_src=twsrc%5Etfw\">July 2, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Carter acknowledged that the study\u2019s results cannot be linearly extrapolated to the entire industry. However, he suggested weighting the sample data in a global extrapolation, which would yield a robust figure of 46.5% for the entire network.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">can you linearly extrapolate this to the rest of the world? absolutely not. but you could, eg, conservatively assume a global avg energy mix (36.7% sustainable) for the out of sample miners. that gets you an overall sustainable figure of 46.5% for the entire network. <a href=\"https:\/\/t.co\/scX6Uw9j8D\">pic.twitter.com\/scX6Uw9j8D<\/a><\/p>\n<p>\u2014 nic carter (@nic__carter) <a href=\"https:\/\/twitter.com\/nic__carter\/status\/1410766178214199297?ref_src=twsrc%5Etfw\">July 2, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u00abThe whole exercise is an attempt to stitch together a patchwork quilt of disparate sources. Obviously, more data is better than nothing\u00bb, wrote Carter.<\/em><\/p>\n<\/blockquote>\n<p>He advised the BMC to publish additional methodological hypotheses for miners outside the sample so the community can assess the aggregate figure. Carter is confident that it is not wise to wait for the return of 50% of the hashrate to gauge CO\u2082 emissions, as \u201cthis could take more than a year.\u201d<\/p>\n<p>In discussion with Carter, Cermak pointed out that beyond the insufficient sample, the problem with the study lies in the lack of open information about the criteria for selection and the representativeness of the survey participants.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The size of the sample is not the main point. How was the sample collected? How do you know it\u2019s representative? Won\u2019t it change drastically after miner relocation? Isn\u2019t the tweet just pandering to Elon\u2019s weird 50% demand? Why are people blindly trusting it?<\/p>\n<p>\u2014 Larry Cermak (@lawmaster) <a href=\"https:\/\/twitter.com\/lawmaster\/status\/1410719836800532481?ref_src=twsrc%5Etfw\">July 1, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, North American <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-discusses-prospects-for-green-bitcoin-mining-with-miners\"> mining companies agreed to create an organisation<\/a> to reduce greenhouse gas emissions from the industry. The meeting attended by Elon Musk was organised by MicroStrategy founder.<\/p>\n<p>In June, <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-has-no-place-among-the-green-bitcoin-miners\">BMC began operations<\/a>. Its members agreed to share energy-use and hashrate data for research and educational purposes.<\/p>\n<p>On July 1 the organisation released a report stating that in the second quarter of 2021 the share of green energy in the global Bitcoin mining industry <a href=\"https:\/\/u1f987.com\/en\/news\/study-finds-56-share-of-green-energy-in-bitcoin-mining-industry\">stood at 56%<\/a>.<\/p>\n<p>Manufacturers of mining equipment in the PRC <a href=\"https:\/\/u1f987.com\/en\/news\/chinese-asic-miner-manufacturers-to-boost-shipments-to-kazakhstan-and-canada\">shifted their supply focus to Central Asia and North America<\/a> amid restrictive measures by authorities.<\/p>\n<p>In May, three associations at the <span data-descr=\"People's Bank of China\" class=\"old_tooltip\">PBoC<\/span> banned companies from engaging in cryptocurrency-related business<a href=\"https:\/\/u1f987.com\/en\/news\/media-china-bans-support-for-cryptocurrency-related-business\">, and Vice Premier Liu He of the State Council of China announced measures regarding <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-falls-below-37000-on-news-of-chinas-mining-ban\">cryptocurrency mining and Bitcoin trading<\/a>.<\/p>\n<p>Later, Xinhua News Agency <a href=\"https:\/\/u1f987.com\/en\/news\/china-criticises-bitcoin-and-mining-market-falls\">criticised digital gold and the methods of its extraction<\/a>. In the following month, authorities in several Chinese provinces ordered miners to cease operations. Among them: <a href=\"https:\/\/u1f987.com\/en\/news\/yunnan-authorities-to-ban-cryptocurrency-mining-reports-say\">Yunnan<\/a>,<a href=\"https:\/\/u1f987.com\/en\/news\/sichuan-miners-ordered-to-halt-operations-by-june-20\">Sichuan<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/authorities-in-chinas-qinghai-province-order-miners-to-halt-operations\">Qinghai<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/xinjiang-residents-of-one-of-the-largest-mining-hubs-ordered-to-halt-operations\">Xinjiang<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/inner-mongolia-authorities-launch-crackdown-on-illegal-cryptocurrency-mining\">Inner Mongolia<\/a>.<\/p>\n<p>According to the mining company Foundry, around 70% of Chinese cryptocurrency mining operations have already shut down their equipment<a href=\"https:\/\/u1f987.com\/en\/news\/foundry-vice-president-by-the-end-of-june-90-of-chinese-miners-will-have-shut-down-their-equipment\">, and by June 30 their share is expected to approach 90%<\/a>.<\/p>\n<p>Poolin vice president Alejandro de la Torre, in a ForkLog interview, called the era of PRC dominance in the cryptocurrency mining industry over<a href=\"https:\/\/u1f987.com\/en\/news\/opinion-chinas-era-in-bitcoin-mining-has-ended\">.<\/p>\n<p>On June 28, the network hashrate of the leading cryptocurrency fell by 34% to 57.47 EH\/s. According to Coin Metrics, the figure had not fallen below 60 EH\/s since July 2019, when Bitcoin traded at $10,000.<\/p>\n<p>On July 3, as a result of another adjustment, Bitcoin mining difficulty fell by a record 27.94% to 14.36 trillion hashes (TH).<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analyst Larry Cermak of The Block Research questioned the objectivity of the Bitcoin Mining Council (BMC) study regarding the share of green energy in the global Bitcoin mining industry.<\/p>\n","protected":false},"author":1,"featured_media":45486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Cermak questions the BMC study on green energy in Bitcoin mining.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1137,1259],"class_list":["post-45485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrency-mining","tag-ecology"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"Cermak questions the BMC study on green energy in Bitcoin mining.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=45485"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45485\/revisions"}],"predecessor-version":[{"id":45487,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45485\/revisions\/45487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/45486"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=45485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=45485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=45485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}