Bitcoin mining has always been one of the hottest topics in the crypto ecosystem because of the energy usage in its mining operations. While BTC’s mining difficulty has decreased in the past few months, its hash rate has climbed.
According to the data published by Blockchain.com, the total Bitcoin hash rate is currently hovering near 225 Exahash, compared to an all-time high of 231 Exahash in June this year. Since October 2021, BTC mining revenues have decreased by more than 60%.
After witnessing a minor price recovery in the first half of August 2022, Bitcoin’s price has dropped by almost 6% in the last seven days. BTC’s market dominance has also plunged in the past week. According to Coinmarketcap, BTC now accounts for nearly 40% of the total market cap of digital currencies.
Commenting on the recent developments across the Bitcoin network, Marcus Sotiriou, an Analyst at GlobalBlock, said: “Whilst Bitcoin hovers around $20,000, Bitcoin mining is becoming more and more sustainable. It has been reported that around half a dozen Colorado-based gas and oil companies are teaming up with bitcoin miners in order to implement gas-to-Bitcoin flare mitigation solutions. This is after Colorado banned gas flaring, venting and the release of raw gas into the atmosphere in November 2020.”
“In addition, crypto farms in Russia are being supplied with electricity generated by small power plants, which burn associated petroleum gas (APG). APG is a by-product of the extraction of black gold. This does not cost anything for oil companies, as they are required to dispose of APG anyway, but now they can earn extra revenue from APG. The ability for oil and gas companies to power Bitcoin miners with by-products of their operations, consequently leading to more revenue whilst benefiting the environment, is a great advert for Bitcoin’s future,” Sotiriou explained.