BTC miners crawling back to mining may be a win, but not an easy path

ambcrypto.com:

The broader mining macro environment caused the Bitcoin [BTC] mining euphoria to come to an abrupt halt in 2022. Reasons vary from regulatory hiccups to ESG concerns, and much more. But could this narrative change as BTC miners seem to have found affection towards mining?

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Here’s AMBCrypto’s Price Prediction for Bitcoin in 2022-23

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2021 was an exceptional year for Bitcoin miners. Virtually all mining operations became profitable as Bitcoin’s price rose faster than the network’s hashrate. However, 2022 saw a few hiccups given the regulatory restrictions especially induced due to its ESG concerns.

However, a recent study showed otherwise. Considering the benefits observed from Bitcoin mining, the industry was still pushing towards a more sustainable energy mix.

The Bitcoin Mining Council (BMC), a voluntary global forum of miners, in a report shared some insights to support this cause. In its Q2 report, the BMC reported that the global Bitcoin mining network had a 59.5% sustainable (carbon neutral) power mix.

Source: Messari

Significance you ask? Well, The BMC consisted of 45 mining companies from five countries representing 50.5% of the Bitcoin network’s hashrate. Incorporating changes here would make or break the stream to say the least.

Meanwhile, as per an independent analysis by Messari, in the past 18 months, there was a 10.9% minimum increase in the (BTC) network’s sustainable energy mix, suggesting that the network was moving in the right direction.

Could things improve? A big yes, but that is only if miners incorporated carbon-negative energy sources