Technological improvements have led to enhanced ASIC efficiency, now at 28.2 joules per terahash, and efforts are being made to contain e-waste, with 86.9% of decommissioned hardware expected to be repurposed or recycled.

Elon Musk's previous decision to halt Bitcoin payments at Tesla was based on environmental concerns, but he has indicated a willingness to reconsider if Bitcoin mining achieves at least 50% renewable energy usage.

While natural gas remains the primary energy source for Bitcoin mining at 38.2%, the increasing reliance on sustainable sources like hydropower and wind marks a pivotal shift in the industry's energy landscape.

As regulatory bodies worldwide push for greener mandates, the shift to sustainable energy is becoming crucial for the long-term viability of Bitcoin mining.

A recent study from the University of Cambridge reveals that Bitcoin mining has reached a significant milestone, with over 50% of its energy consumption now sourced from renewable energy, specifically 52.4%, up from 37.6% in 2022.

This transition to renewable energy represents a major development in addressing Bitcoin's environmental impact, countering longstanding criticisms regarding its carbon footprint.

In response to market pressures, mining firms are diversifying their revenue streams into high-performance computing and sustainable energy initiatives, with 70.8% of miners actively engaging in climate mitigation efforts.

The Cambridge study indicates that fluctuating energy prices and increasing environmental pressures are driving miners to adopt hydropower, wind, solar, and geothermal energy.

North America, particularly the United States and Canada, leads the charge in sustainable Bitcoin mining, accounting for over 80% of operations, with emerging activities also noted in South America and the Middle East.

Electricity costs dominate miners' operational expenses, comprising over 80% of total costs, which average around $55.50 per megawatt-hour, thus compressing profit margins.

The rise in sustainable energy usage enhances Bitcoin's public image, enabling advocates to counter claims that the network is incompatible with climate goals.

Despite the progress, a significant portion of Bitcoin mining still relies on carbon-intensive energy sources, indicating that further advancements are necessary.