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Bitcoin Mining Achieves Sustainable Milestone
A recent study by the Cambridge Centre for Alternative Finance (CCAF) reveals a significant shift in the energy sources powering Bitcoin mining. According to the report, by the first quarter of 2025, 52.4% of Bitcoin mining is expected to be powered by renewable or low-carbon energy sources. This marks a crucial milestone in the ongoing debate about the environmental impact of cryptocurrencies.
North America, particularly the United States and Canada, leads this transition, accounting for over 80% of sustainable mining activities. This regional dominance in clean energy usage could reignite discussions about Bitcoin’s acceptance as a mainstream payment method. Notably, Elon Musk, CEO of Tesla, had previously stated that Bitcoin payments at Tesla would resume once at least 50% of mining was powered by renewables. Despite reports that this threshold has been met, Tesla has not yet reinstated Bitcoin payments. The new CCAF study may influence future decisions in this regard.
The study’s findings align with earlier claims from groups such as the Bitcoin Mining Council, which estimated the share of renewables at around 60%. However, the CCAF study is the first to confirm these figures on such a large, independent scale, making it a key reference in the sustainability debate.
Whether these developments will be enough to sway critics or prompt a policy reversal from figures like Elon Musk remains uncertain. The increasing political pressure in the US to promote Bitcoin as a national reserve asset could further fuel the conversation about corporate adoption of Bitcoin.
Overall, the study indicates that Bitcoin mining is on a promising path toward greater sustainability. This trend could not only boost Bitcoin’s acceptance as a payment method but also improve the general perception of cryptocurrencies as environmentally friendly. The coming years will reveal whether these changes are sufficient to drive mainstream adoption.
| Key Data | Value |
|---|---|
| Share of sustainable Bitcoin mining (Q1 2025, projected) | 52.4% |
| Share of sustainable mining in North America | Over 80% |
- CCAF study confirms over half of Bitcoin mining uses renewable or low-carbon energy.
- North America is the leader in sustainable mining practices.
- Potential for renewed corporate acceptance of Bitcoin as a payment method.
Infobox: The CCAF study, as reported by it boltwise, establishes a new benchmark for sustainability in Bitcoin mining, with 52.4% of operations expected to use clean energy by early 2025.
Phoenix Group Expands Bitcoin Mining Capacity in Ethiopia by 52 MW
The Phoenix Group, a major player in the Bitcoin mining sector, has announced an expansion of its mining capacity in Ethiopia by 52 megawatts (MW). This move is part of a broader strategy to secure locations with abundant and cost-effective energy resources. With this latest development, the company’s mining capacity in Ethiopia now totals 132 MW, while its global capacity exceeds 500 MW.
The expansion follows a previous agreement signed in January, which secured 80 MW of power in Ethiopia. The new mining site is scheduled to become operational in the second quarter of 2025. The rollout will occur in two phases: the first phase will utilize 20 MW to power 5,300 air-cooled mining units, achieving an expected hash rate of 1.2 exahashes per second. The second phase, to be completed by the end of Q2 2025, will see the site operating at the full 52 MW with water cooling, reaching an estimated hash rate of 2.4 exahashes per second.
Reza Nedjatian, CEO of the company’s mining, AI, and data center subsidiary, emphasized that the facility is powered by renewable energy. With 132 MW now running on clean hydropower, the Phoenix Group is setting a new standard for sustainable mining operations in Africa.
The Phoenix Group went public on the Abu Dhabi Securities Exchange at the end of 2023, with its IPO oversubscribed by a factor of 33. The offering of 907,323,529 shares met overwhelming demand, and the company’s stock price rose by 50% post-listing, reaching approximately $7.94 per share.
In early 2024, the Phoenix Group made headlines by purchasing Bitcoin mining equipment worth $187 million in a single transaction. The company is also involved in other digital asset initiatives, including a partnership with Tether and Green Acorn Investments to launch a new stablecoin pegged to the UAE Dirham.
| Key Data | Value |
|---|---|
| New mining capacity in Ethiopia | 52 MW |
| Total mining capacity in Ethiopia | 132 MW |
| Global mining capacity | Over 500 MW |
| Hashrate (Phase 1) | 1.2 exahashes/sec |
| Hashrate (Phase 2) | 2.4 exahashes/sec |
| IPO oversubscription | 33x |
| Post-IPO share price | $7.94 |
| Mining equipment purchase (2024) | $187 million |
- Phoenix Group expands its Ethiopian mining site by 52 MW, reaching 132 MW in the country.
- Operations are powered by renewable hydropower, setting a sustainability benchmark in Africa.
- The company’s IPO was oversubscribed 33 times, with shares rising 50% to $7.94.
- Phoenix Group purchased $187 million in mining equipment in 2024.
- Collaboration with Tether and Green Acorn Investments to launch a UAE Dirham-pegged stablecoin.
Infobox: As reported by it boltwise, Phoenix Group’s expansion in Ethiopia and its focus on renewable energy highlight the company’s commitment to sustainable, large-scale Bitcoin mining operations.
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