NEW Info: Growth and Sustainability in Bitcoin Mining In 2023, the Bitcoin mining network expanded by a massive 90%, sparking discussions about its environmental impact and profitability. This growth raises key questions about efficiency and energy costs. A closer look reveals that the average cost of producing one Bitcoin stands at $37,856.
Enhancements in Mining Network Efficiency:
Despite the increasing demand for energy, significant strides in efficiency have been made. Current analyses show an average network efficiency of 34W/T, with predictions of a reduction to 10W/T by mid-2026.
Bitcoin Mining and Its Environmental Impact:
Bitcoin mining often taps into underutilized energy sources, typically in remote areas. Currently, about 53% of the energy used for Bitcoin mining comes from sustainable sources. @Cryptocurrency_Inside
