74% of mining is done with green energy
The report also writes that, with current prices, Bitcoin mining is very profitable. The report states that mining even with old equipment is profitable. It is also written that Bitcoin mining facilities are increasingly located in places where there is enough green, renewable energy.
The relationship between mining Bitcoin and green energy makes bitcoin mining “more green energy based than almost any other large-scale industry in the world.” The report also notes that since November last year the total hashrate of the network has risen from 40 quintillion hashes per second (EH / s) to 50 EH / s.
Crypto mining is profitable again
The report states that a decrease in the hashrate of approximately 40% took place at the end of last year. This was the first time that the computing power of the network had decreased considerably.
Now the hashrate has again increased considerably. According to CoinShares, that has to do with the higher Bitcoin price. As a result, mining has suddenly become very profitable. It can be seen that many old mining hardware has been switched on again due to the high price.
Cryptocurrency mining giant Bitmain is planning to install 200,000 mining devices in China. This to take advantage of the cheap hydropower in the country.