Sweden, once considered a prime destination for Bitcoin miners in Europe, has decided to eliminate tax incentives for data centers in 2023 and even charge additional taxes for Bitcoin miners’ energy consumption, dealing a heavy blow to the industry in the region.
The Bitcoin Mining Council (BMC) has announced substantial progress in sustainable energy adoption and operational efficiency in Bitcoin mining during H1 2023. BMC’s hash rate surged from 24 EH in early 2022 to an impressive 158 EH in Q2 2023, marking a 70% YoY increase. This growth solidifies BMC’s position with a 43.4% share of the global Bitcoin Mining Network. With a sustainable power mix of 63.1%, BMC members contribute to the industry’s overall sustainable energy at 59.9%. The BMC also enhances the Bitcoin network’s efficiency, achieving a 24% YoY efficiency boost. During H1 2023, 2.5 GW of Bitcoin mining operations curtailed, releasing 815 GWh of energy into local grids, mainly in North America. Notable members of the BMC include Argo Blockchain, BitDeer, Bitfarms, and more.
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