In a significant stride towards sustainability, Bitcoin mining has witnessed a remarkable transformation. A recent study from the University of Cambridge reveals that the energy efficiency of Bitcoin mining has soared to be "20 times greater" than figures from 2015.

But what does "energy efficiency" mean in this context? Simply put, it's the ability to achieve the same output using less electricity. When applied to the realm of mining, there have been notable advancements in devices operating on the Proof of Work (PoW) algorithm. These devices can now mine more Bitcoins while consuming equal or even lesser energy.

In his presentation at the World Digital Mining Summit 2023, Alexander Neumüller, an esteemed researcher at the Center for Alternative Finance (CCAF), attributes this efficiency leap to technological innovations in the mining sector. These advancements have not only reduced electricity consumption but also bolstered the processing power of the Bitcoin network.

Highlighting the magnitude of this progress, Neumüller emphasized an astounding "20-fold increase" in Bitcoin mining's energy efficiency over the past eight years.

Historically, Bitcoin mining has been criticized for its hefty energy consumption, which many environmentalists claim leads to increased pollution. However, with the dual approach of enhancing energy efficiency and integrating renewable energy sources, the cryptocurrency industry is making strides towards a greener future.

 

One year after the adoption of Bitcoin as an official currency, the town of Chalatenango in the north of El Salvador will host the first private, solar powered bitcoin mining farm in the Central American nation.

The funding comes via a Swiss consortium working with Salvadorian Josué López, who is originally from the town, and has chosen to invest in his home nation.

Highlighted in red, Chalatenango is the nation's most north region.

A 6 megawatt photovoltaic solar power farm will mine Bitcoin entirely on renewable natural resources...

The first piece of the foundation of the photovoltaic plant that will provide energy to the bitcoin mining farm was placed yesterday at the "Anchor I" project, which is located in the Chalatenango province's El Gavilán canton.

Ambassador Mayorga tours the future site of solar Bitcoin mining farm.

Milena Mayorga, the El Salvadorian ambassador to the United States, attended the occasion and revealed on Twitter that the renewable energy park's initial investment is $4 million, despite the fact that it is anticipated that the first stage will cost USD 15 million.

"Perhaps this is the largest private investment ever reported in Nueva Concepción, Chalatenango" remarked Ambassador Mayorga, adding that 200 million USD will be invested in the region.