GMT has become the 30th member of the Bitcoin Mining Council (BMC), alongside well-known bitcoin mining players such as Argo, BlockCap, Core Scientific, Hive, Hut8, Marathon Digitais Holdings, Riot, Galaxy Digital and twenty others
This news was shared at the AIBC Europe Summit in Malta during a fireside chat between Michael Saylor, Founder, Chairman and CEO of MicroStrategy and Mike Costache, a blockchain investor and entrepreneur since 2016. The founding member of the BMC, and renowned bitcoin investor, Michael Saylor, commented on the matter: “Bitcoin mining is rapidly becoming more efficient. In 2021, mining efficiency, the actual petahash per megawatt, has been growing quarter over quarter. In Q3, it increased 23%. This is hyper growth, and this is not well-appreciated by the mainstream and most market players. At BMC, we are all coming together in order to educate the public and gather some insight about what’s happening in the bitcoin mining business and how we are using energy.”
Watch the fireside chat below:
The Bitcoin Mining Council was created in May by nine leading North American mining companies to promote sustainable energy use and industry transparency. Elon Musk’s tweets about crypto mining’s “insane” energy use have caused the Bitcoin rate to plummet last May. After this, Michael Saylor, a renowned Bitcoin evangelist whose personal crypto holdings currently amount to 17,732 BTC (worth $1 billion) plus another 114,042 BTC (worth $6.8 billion) held by his publicly-traded company MicroStrategy, initiated the conversation between market leaders. Elon Musk attended the first meeting and called it “potentially promising.” This reaction was followed by his public promise to resume accepting Bitcoin for Tesla purchases when there’s confirmation of reasonable (~50%) clean energy usage by crypto miners.
Mining bitcoin or any other form of cryptocurrency is an energy-intensive process. Just as the energy industry is forced to adapt and embrace various types of renewable energy, so does cryptocurrency mining. According to the recent findings from BMC published in October, “the global mining industry’s sustainable electricity mix had grown to approximately 57.7%, during Q3 2021, up 3% from Q2 2021, making it one of the most sustainable industries globally.” One of the most important figures published by BMC relates to the fact that only 0.11% of the world’s electricity consumption is used for bitcoin mining.
GMT is now the 30th member to join the BMC in its campaign for industry transparency, sharing best practices, and educating the public on the benefits of Bitcoin and mining. The company has already shared its data for the latest BMC’s survey of the sustainable power mix, and is now actively working on a strategy to further prioritize the use of renewable energy in its operations. In the future, GMT intends to operate on 100% sustainable power.
On April 26, 2021, GMT launched its token backed by real computing power. The project’s goal is to simplify the mining process for everyone by handling the logistics, providing around-the-clock uninterrupted service, and securing the energy-efficient consumption costs. There are currently over 17,000 GMT token holders receiving daily bitcoin mining rewards without the hurdles of physical maintenance of the equipment.
During the first six months of the project’s existence, GMT increased the hash rate of the device park from 100,000 Th/s to almost 400,000 Th/s. The company’s strategy for the next two years is to take over 4% of the world’s BTC production, and 20% in the long term.