Bitcoin miners turn to renewable energy amid profit margin squeeze

Bitcoin mining profitability is severely squeezed as the hash price, a key metric, hovers near record lows, falling below the $40/PH/s/day breakeven point. In response to this challenging environment, marked by reduced mining rewards and rising hashrate demands, miners are pivoting toward renewable energy to lower operational expenses. Examples include Sangha Renewables energizing a solar-powered facility in Texas, The Phoenix Group launching a hydroelectric operation in Ethiopia, and Canaan partnering on a wind-powered site in Texas. Furthermore, hardware manufacturers like Canaan are developing adaptive mining rigs that use AI to maximize energy efficiency. This shift comes as the Bitcoin network's hashrate continues its upward trend, increasing the computing power required to mine blocks successfully, forcing miners to seek cost efficiencies wherever possible, as seen when Tether recently closed its Uruguay operation due to rising energy costs.

(Source：Cointelegraph)