<h4>Quick Take</h4> <ul> <li>CoinShares released a 19-page report analyzing the geographic distribution, composition, efficiency, electricity consumption, and electricity sources of the Bitcoin mining network</li> <li>The firm notes that bitcoin miners are likely mining at a loss, but given the right conditions, some mining operations can still be profitable</li> <li>CoinShares concludes that, based on its estimates, renewable energy accounts for 77.6% of total bitcoin mining energy usage</li> </ul>