2022 was a terrible year to be a Proof-of-Work (PoW) mining outfit, with many struggling due to unmanageable debt amidst a decline in market value for mined assets.  2023 however, is already showing more promise as markets have begun to rebound from recent lows.  This, combined with various positive industry developments over the past week, should do well to bring forth some much needed optimism moving forward.

Bitcoin Mining Council – Sustainability Increasing

The Bitcoin Mining Council (BMC) was created specifically to keep tabs on the PoW mining sector, and its transition towards a goal of relying exclusively on renewable energy sources.  In its most recent report, the BMC highlighted three main metrics stemming from the sectors performance in Q4.

• Electricity Consumption
• Technological Efficiency
• Sustainable Power Mix

In its findings, the BMC notes that membership hashrate rose to 119 EH by Q4, while the efficiency of these computations increased to 22.4 EH/GW – an increase in efficiency by 16%.  Most importantly, it found that the use of clean power sources among BMC members continued to rise, with 63.8% using a sustainable-mix.

One of the hottest, continuing points of interest surrounding PoW mining is its energy consumption.  Detractors point to the networks increasing usage, while market participants are quick to highlight that the current financial system may be even worse upon comparison.  One thing is certain though – PoW mining is not going anywhere, and…