The Cambridge Centre for Alternative Finance (CCAF) report analyzes data from Bitcoin mining firms representing nearly 50% of the network’s hashrate. It covers operational practices, market trends, and environmental impacts, including mining geography, hardware efficiency, and energy sources—highlighting a mix dominated by natural gas but with over 50% sustainable energy. The report also reviews Bitcoin’s technical roots, miner concerns, risk strategies, and growth obstacles. Financial aspects such as costs, hashrate, and revenue diversification into AI and high-performance computing (HPC) are also explored.

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