How To “Green” the Bitcoin Mining Industry
The cryptocurrency industry, especially Bitcoin, continues to advance rapidly. While many people continue to take advantage of this fast-growing industry, it remains taboo in some parts of society because of its energy demands. Given its impact on our environment, various individuals have protested the continuous operations of crypto mining. Some of their concerns are valid, considering that Bitcoin has been found to consume over 2,292.5 kilowatt-hours in just one transaction; enough to power a typical US household for about 78 days.
Many fear that the mining and use of Bitcoin and cryptocurrency may contribute greatly to our Earth’s deterioration. However, as the concern for our environment grows, a more environmentally friendly and sustainable form of Bitcoin and cryptocurrency mining has surfaced. Through the mass adoption of renewable, or green energy, Bitcoin mining has already become far more sustainable.
Because of this, Bitcoin mining and environmental concerns no longer have to be on opposite ends of the spectrum. So long as the use of green energy continues to thrive in the industry, Bitcoin could, in fact, be a driver to a cleaner environment.
Today we discuss the effects of renewable energy on cryptocurrency, how it works, and why investing in a greener, more sustainable approach could benefit us and our earth in the long run.
Bitcoin Mining and Energy
At first glance, it seems that Bitcoin transactions don’t require much effort, considering how crypto wallets can be accessed readily on a user’s phone. Within a few clicks or taps on the screen, cryptocurrency can be bought and sold in seconds. However, the process behind how the entire Bitcoin ecosystem operates is what requires such massive energy usage.
Bitcoin mining works by solving complex mathematical problems. This occurs during the verification process of transactions or in new coin minting.
Given the complexity of these cryptographic problems, a large amount of energy is required to solve them. In fact, it’s estimated the annual energy consumption of the Bitcoin ecosystem is greater than that of the entire nation of Argentina and its 45 million residents.
With an average of over 222,930 Bitcoin transactions occurring daily, and Bitcoin miners operating worldwide, global energy consumption is quite concerning.
To meet Bitcoin mining’s high energy requirements, the cryptocurrency industry has been relying greatly on fossil fuels to sustain the operations of the blockchain.
Fossil Fuels vs Renewable Energy
Fossil fuels are the cryptocurrency industry’s main source of energy… for now.
Because fossil fuels are an inexpensive resource, many miners have opted to operate “dirty” and cheap, which is a benefit to them considering the high energy requirements and costs involved in mining.
However, the use of fossil fuels is what contributes to Bitcoin mining’s carbon footprint. When fossil fuels are used during production, they emit nitrogen oxide and carbon dioxide, which leak into the atmosphere resulting in acid rain, smog and higher global temperatures. Despite being an inexpensive source of energy, fossil fuels come with a bad stigma, and even worse consequences. This is why many cryptocurrency mining companies are looking to switch to greener energy solutions.
One of the main methods being implemented by forward-thinking miners today is the use of renewable energy as a replacement for fossil fuels.
BlockQuarry Corp (BLQC) for example, only uses 100% renewable, net-carbon-zero, nuclear energy to mine Bitcoin. And in addition to that, the company plans to actually help reduce CO2 in the atmosphere by planting over 1,000 trees.
BlockQuarry Corp: A Leader in Sustainable Cryptocurrency
BlockQuarry Corp. aims to resolve the cryptocurrency industry’s growing issues with energy consumption and environmental concerns by introducing its own take on sustainable Bitcoin mining.
The company’s environmental focus is pioneered by one of its projects: the 200MW Bitcoin mine hosting project currently being developed in Gaffney, SC. This project revolves mainly around using renewable energy as a stable and efficient source of power for Bitcoin mining.
Like we said earlier, the operations at this project are powered completely by net-carbon zero, eco-friendly, green power that is sourced from renewable nuclear energy. Through their efforts in creating an eco-friendly approach for the Bitcoin mining industry, many have recognized BlockQuarry as a leader in sustainable cryptocurrency mining.
And as we’ve already seen, many miners are following their suit and going green.
As BlockQuarry’s 200MW project continues to thrive on renewable energy, the negative impact of cryptocurrency on the environment could be decreased significantly.
Now, if you’ve previously had qualms about getting involved in the Bitcoin mining industry due to its negative effects on the environment, then understanding BlockQuarry’s sustainable approach to cryptocurrency mining may have changed your mind.
By following BlockQuarry’s lead, the entire Bitcoin mining industry could be a net benefit to the environment…
And investor portfolios.
However, to fully turn the entire Bitcoin mining industry green, it will take the demands of the investing public. By pulling funds from dirty companies and putting them into green ones, the industry will have a wakeup call, and begin doing what BlockQuarry has already begun…
Green, sustainable Bitcoin mining.
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References:
https://hbr.org/2018/11/making-cryptocurrency-more-environmentally-sustainable
https://www.nytimes.com/2021/10/10/business/dealbook/crypto-climate.html
https://www.nytimes.com/2021/10/10/business/dealbook/crypto-climate.html
https://finance.yahoo.com/news/green-energy-sustainable-future-Bitcoin-232841036.html