Achieving Sustainability: Over Half of Bitcoin Mining Now Powered by Renewable Energy
Bitcoin mining has reached a significant sustainability milestone, with 54.5% of its energy consumption sourced from renewables, as per the Bitcoin ESG Forecast by Daniel Batten, co-founder of CH4 Capital, a methane mitigation fund.
Addressing environmental concerns, the cryptocurrency industry has actively reduced its carbon footprint, responding to heightened public scrutiny. Bitcoin mining, notorious for its high energy consumption, now embraces solar, wind. Hydroelectric power, aligning with global climate change mitigation efforts.
Renewable energy adoption in mining extends beyond environmental considerations; it’s a strategic industry move. As the world prioritizes sustainability, the cryptocurrency sector aims to attract eco-conscious investors and users.
The shift to renewable sources promises long-term cost savings for Bitcoin miners as these alternatives become more efficient and cost-effective than traditional fossil fuels.
Reports based on on-chain data indicate widespread offloading of Bitcoin by miners. Despite this, Bitcoin remains a preferred blockchain for non-fungible tokens (NFTs), reaching the impressive milestone of becoming the fourth blockchain to surpass US$2 billion in historic NFT sales, according to CryptoSlam. In essence, Bitcoin mining’s green journey not only mitigates environmental impact but also positions the industry strategically, aligning with global sustainability trends. This shift not only enhances the industry’s appeal to eco-conscious stakeholders but also fosters long-term economic benefits for Bitcoin miners.
Want to learn more about bitcoin mining or start mining yourself?
“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
Bitcoin mining explained.
Bitcoin Mining is the industry where the largest institutional party BlackRock is betting big and has recently become majority shareholder in four of the five largest mining companies.
You buy one or more Bitcoin mining machines and within 6-8 weeks it is mining for you with a current rate of 5.2 cents including hosting. Security and maintenance. What does a miner cost? How can these power rates be so low? Want to know more?
Attend the free Q&A about mining:
With Mitchell Weijerman (CEO of Epic Mining) on wednesday the 17 of januari at 7PM for free. Where Mitchell answer all your questions live.
Also you can calculate profit in this spreadsheet
Full article about mining in depth you can find here. Bitcoin mining – Buy Low Mine High.
The simple way how smart investors can profit from a broken banking system. How crypto miners made 16