Bitcoin is one of the most talked about cryptocurrencies as it continues to dominate the crypto market. However, many have argued that bitcoin’s mass adoption is catastrophic to the global ecological system. This argument is always directed at the process involved in the creation of new bitcoins (Bitcoin Mining)
Bitcoin mining entails the use of hashing devices to solve computational problems, which has become even more complex with the rise in demand for bitcoin. Unfortunately, this rigorous process is majorly dependent on electricity. Presently, the annual electricity currently utilized by bitcoin miners is equivalent to the electricity that powers some countries annually.
However, recent events show that bitcoin miners are changing the narrative by rapidly adopting cheap and renewable energy sources.
Bitcoin Mining and Renewable Energy
There was an exodus of bitcoin mining firms based in China to other countries earlier this year after China restricted all crypto activities on its soil. However, these firms were not just settling for just any alternatives. Instead, there were factors that were considered before choosing a new base. Interestingly, one of the paramount factors considered was the availability of clean, cheap and renewable electricity.
As such, nations that majorly depend on renewable energy recorded an explosive increase in bitcoin mining activities. This was a major talking point for the crypto community as they suddenly discovered that the raging debate on the effect of bitcoin on the global ecological system had swung in their favor.
However, just when the crypto community was about to register a win, a new problem surfaced. Some of the cities that had accepted bitcoin mining firms are reviewing their decisions. One such case is Quebec’s introduction of a new and expensive electricity tariff plan for crypto mining firms. Other crypto mining territories might follow suit.
How Is The Mining Community Responding To This?
Fortunately, the crypto mining community has not shown any sign of discouragement as there are many projects in the pipeline that will hopefully put bitcoin mining debate to rest. Recent reports reveal that bitcoin mining farms are extensively working on building privately-owned renewable energy generation plants. Even, some are planning on selling the excess energy generated to their host community.
Therefore, bitcoin mining firms could finally find a balance between bitcoin mining revenue and electricity cost. Clearly, Bitcoin miners are successfully integrating bitcoin mining into an eco-friendly business.
You can also refer some relative coverage:
- The Battle Between Cloud Mining and Hardware Mining! Which is Your Favorite?
- All about Mining Rig
- Bitcoin Mining Explained
- How Bitcoins are Mined?
Image Courtesy- Plus World, Bp Blogspot