According to Cointelegraph, the upcoming Bitcoin halving may drive the Bitcoin network to shift toward greener, more sustainable energy sources. As Bitcoin's block rewards are halved, the profitability of mining companies may be affected, which may prompt them to seek more efficient ways to use capital, including using sustainable energy. Matteo Greco, a research analyst at Fineqia International, said that this trend may increase the use of renewable energy in Bitcoin mining.
Bitcoin has been criticized for its high energy consumption and reliance on fossil fuels. But according to the research report "Bitcoin ESG Forecast" by Daniel Batten, managing partner of CH4 Capital, by the end of January 2024, more than 54.5% of the energy consumption of the Bitcoin network will be provided by renewable energy. Greco pointed out: "The Bitcoin mining mechanism incentivizes efficiency improvements, which may be one of the main reasons for the network to move in a more sustainable direction. The mining reward mechanism promotes efficiency improvements, enhances network security, reduces carbon emissions, and promotes research on sustainable block confirmation methods."
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Brokerage Benchmark noted in a research note on Thursday that the Bitcoin halving will have the most significant impact on cryptocurrency miners. The recent rise in Bitcoin prices may save many less efficient miners in the short term, as most publicly traded Bitcoin miners have launched or announced plans to increase power and hash rate capacity in response to reduced revenue and gross profits Case.
Benchmark also said the halving’s impact on cryptocurrency prices could be amplified by concurrent demand shocks following the spot Bitcoin ETF’s U.S. approval in January. They expect that once institutions start seriously investing in Bitcoin ETFs, inflows into spot Bitcoin ETFs will grow significantly.
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