Not sure where you’re getting your number but also confident that no matter how bitcoin is defined it will not qualify for most ESG funds. They’re focused in incremental generation capacity or explicitly focused on development of certain technology (I.e. hydrogen, DAC). Bitcoin mining is coming in behind the bad investments to fix them but more than likely will not qualify for the mandates that the funds have defined in their investment documents.

Also, it’s worth starting to consider the difficulty adjustment, too. Bitcoin mining isn’t profitable in perpetuity…it is the most ruthlessly competitive business out there. With plenty of existing energy sources with a marginal production cost of near zero, there will be no sustained opportunity for incremental build out of new renewables on the back of Bitcoin mining. Money forward economics trump all-in economics every time.