Bitcoin mining is widely considered to be harmful for our planet’s ecosystem. A new report by Coin Shares tells a different tale, as most of the mining efforts hinge on renewable energy sources.
Bitcoin mining operators always seek out cheap electricity rates.
Renewable Energy is Crucial for Bitcoin Mining
The bigger one’s operation is, the more KwH will be consumed.
Reducing those overhead costs will result in a higher profitability rate overall.
In recent years, most companies have shifted their attention to renewable energy.
A report by Coin Shares confirms that over 70% of all Bitcoin mining relies on this type of energy.
Hydroelectric power is the clear market leader in this segment, yet wind energy isn’t too far behind.
While the report is promising, the information needs to be taken with a pinch of salt.
Not all Bitcoin mining operators will be transparent about their potential use of renewable energy.
If this trend continues, the industry may slowly gain a better understanding by the general public.
As time progresses, the mining of Bitcoin will also become more efficient, despite a reduction in block reward.
Moreover, the upcoming halving may push even more miners to explore renewable energy sources in the near future.