According to Cointelegraph, despite the continued expansion of the Bitcoin network, the carbon footprint of Bitcoin mining has grown relatively slowly. Bloomberg analyst Jamie Coutts said that since 2021, the proportion of Bitcoin's sustainable energy use has continued to rise and now exceeds 50%. This helps slow emissions growth while driving the network to continue to expand. Coutts believes that the relationship between the growth of the Bitcoin network and global efforts to reduce the use of fossil fuels may "generate a wave of institutional and even sovereign investment capital influx". Energy accounts for more than 50% of mining operating costs, so obtaining the cheapest energy source has an incentive effect on increasing network hash rate and reducing industry emissions or carbon intensity.