With Bitcoin block rewards set to be cut from 6.25 BTC to 3.125 BTC, paired with a continually increasing Bitcoin hash rate, the profitability of mining firms could take a hit.
“This dynamic compels mining companies to optimize capital efficiency and seek cheaper electricity sources, leading to an increasing use of renewable energy in BTC mining.” Bitcoin mining mechanics are also incentivizing greater efficiency, which could be among the main reasons for the network becoming increasingly more sustainable. Greco added:
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