In the upcoming Bitcoin halving, mining operations may shift towards more sustainable energy sources, potentially leading to a greener Bitcoin network. With the block reward set to decrease from 6.25 BTC to 3.125 BTC, along with the continuous increase in Bitcoin hash rate, mining profitability could decline. This may prompt miners to seek greater capital efficiency through sustainable energy sources.

Despite criticism for its high energy consumption and reliance on fossil fuels, over 54.5% of Bitcoin network energy consumption comes from renewable sources as of January 2024. The Bitcoin mining mechanism also incentivizes greater efficiency, which could contribute to a more sustainable network.

While China currently accounts for about 15% of the global Bitcoin hash rate, mining operations there predominantly rely on cheap and abundant hydroelectric power during the rainy seasons in regions like Xi'an, Wuhan, Beijing, and Yunnan.

Finally, many retail participants in China are mining Bitcoin at a loss, mainly to escape the Chinese financial system.

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