BTC miners continue to rely on mining as a result of this “inconsequential” factor

ambcrypto.com:

How it started versus how it’s going is the scenario that comes to play for Bitcoin [BTC] mining activities at present, which continue to see new developments. From criticism and censures against HIGH carbon footprint to a significant move towards a sustainable mining operations — BTC mining has come a long way.

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Here’s AMBCrypto’s Price Prediction for Bitcoin [BTC] for 2022-2023

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Given the pressure from different regulators focusing on the climate action, Bitcoin miners took a more sustainable approach. This came from the Q3 2022 report by the Bitcoin Mining Council (BMC), representing 51 of the world’s largest Bitcoin mining companies.

Herein, Bitcoin mining consumed 0.16% of global energy production, slightly less than the energy consumed by computer games according to the BMC. An amount considered to be “an inconsequential amount of global energy” as per the report. Here’s a representation to support this statistic.

Source: Bitcoin Mining Council

Meanwhile, Bitcoin mining also emitted 0.10% of the world’s carbon emissions which the BMC deemed as “negligible”. Ergo, providing support to its sustainable claims.

Source: BMC

In fact, Bitcoin was the industry leader in sustainability with a 59.4% sustainable energy mix as compared to other countries. For reference, Germany gained the #2 spot with an approximate share of 48.5%.

Did miners actually believe or rather have faith on this operation given the past? Well, YES. This was evident from the incline in the hashrate as well as the network difficulty rates. Here, the network’s hashrate increased 8.34% in Q3