According to the source, traders should anchor on verified datasets: the Cambridge Bitcoin Electricity Consumption Index estimates the network’s annualized electricity use at roughly the 100+ TWh scale, comparable to a mid-sized country, underscoring sensitivity to power prices and policy for BTC and miner equities; source: Cambridge Centre for Alternative Finance, CBECI, 2024. Energy mix assessments diverge: academic work from CCAF put the sustainable share near 39% in 2022, while the industry’s Bitcoin Mining Council reported about 59% sustainable power in 2023, a gap that drives ESG headline risk and due‑diligence focus for institutional allocators; sources: Cambridge Centre for Alternative Finance, 2022; Bitcoin Mining Council, 2023. Grid-balancing revenues are material in Texas: Riot Platforms disclosed earning $31.7 million in power credits in August 2023 by curtailing during heat waves, showing how demand-response can offset lower BTC output when power prices spike; source: Riot Platforms, August–September 2023 operational update. Regulatory direction remains a key trading variable: the White House OSTP urged in 2022 that agencies consider measures to limit high‑energy‑intensity crypto if mitigation proves inadequate, and the EU’s MiCA framework introduces environmental disclosure requirements for crypto-asset activities, affecting reporting and compliance for miners and service providers; sources: White House Office of Science and Technology Policy, September 2022; ESMA and European Commission MiCA documentation, 2023–2024. Hashrate relocation since China’s 2021 mining ban concentrated activity in the U.S. and other regions with volatile power markets, changing emissions profiles and exposing miner margins to regional electricity price shocks; source: Cambridge Centre for Alternative Finance, Bitcoin mining geographic distribution updates, 2021–2023.