The upcoming halving event should increase the sustainability and green credentials of the bitcoin network, incentivizing miners to switch to renewable #energy sources. According to a Cointelegraph report, Fineqia International analyst Matteo Greco highlighted this positive shift.
Greco emphasized that miners need to improve capital efficiency and look for more economical and environmentally friendly energy sources. According to the expert, the main goal of bitcoin mining is to increase the efficiency of resource utilization and strengthen the security of the network.
Notably, by January 2024, renewable energy sources will account for 54.5% of the total energy sources used in mining, up 3.6% from 2023. CH4-Capital co-founder Daniel Batten highlighted the significant transformation in the industry, citing #China as an example.
Batten's findings showed that local miners in China are abandoning "dirty" energy sources such as coal in favor of greener alternatives, particularly hydroelectricity in regions with high humidity. The looming halving event, scheduled for April 19-20, 2024, will reduce the reward per block to 3.125 BTC, resulting in a significant drop in miners' revenues amid constant operating costs.
As such, some players are forced to sell off #hardware to exit the sector, creating opportunities for other players to capitalize on the changing landscape.
