How eco-friendly Bitcoin Mining could lower carbon emissions

The map above shows which countries consume less electricity than the amount consumed by global bitcoin mining.

As the Bitcoin network expands, more mining energy is needed to fulfill the growing demand for the BTC. The asset has not only attracted attention due to the soaring price but also the electricity consumption used in power transactions.

It costs around $25 Million A DAY in electricity to process all BTC transactions.

To put it in perspective, it is well known that the combined amount of energy used in mining cryptocurrencies like Bitcoin and Ethereum is more than enough to power countries like Iceland or Jordan.

Fun fact: Iceland hosts has one of the largest BTC mining farms in the world, yet China is the country where most BTC gets mined today, even though mining is “forbidden” in China. Go figure.

Electricity needed to mine bitcoin is more than used by ‘entire countries’.

Bitcoin works on proof-of-work, which means “miners” lend their graphics power to help write information onto the next block of the blockchain (a transaction) for a small fee.

There are newer cryptocurrencies that use proof-of-stake allowing them to bypass the whole mining process, making it eco friendly. BTC will never be proof-of-stake, so is there a way to mine bitcoin and other proof-of-work cryptocurrencies without polluting our planet?

Renewable energy solutions

HydroMiner have looked to harness the output of hydroelectric dams in the alps for their own mining operation.

During HydroMiner’s successful ICO in fall 2017, more than $3 million were raised. The funds were used to establish a cryptocurrency mining operation in Austria that uses clean hydropower.

So it’s possible, and people have been going after this for years. It does have a nice ring to it, Eco Friendly Crypto.

Here are two more examples:

1. NastyMining was established in 2012 in Arizona that uses both wind and solar energy to mine bitcoin. A US solar power company, SunPower, donated 29 panels for this project. OgNasty, the founder, created this platform for a pool of small-scale miners. He tries to keep mining fun and not only for the purpose of earning profit.
2. Northern Bitcoin’s commitment to taking steps toward a greener future for Bitcoin includes an invitation to other renewable mining operations to join them with their mining pool. According to Jäger, clean mining must be the future; with it, we can secure a sustainable future for Satoshi Nakamoto’s creation to reach its potential.

Recently (two days ago as of me writing this) a Shark from Shark Tank has also invested in BTC, and I’m not talking about Mark Cuban. Mr. Wonderful aka Kevin O’Leary, who was a big BTC hater said this:

Notice how he’s also pushing for an eco-friendly mining world. An investment from mainstream business people like Mr. Wonderful towards eco-friendly BTC mining is huge! After all, we might be looking it at a big change in the way we’re affecting our environment. Obviously the carbon emissions going from something like the meat-industry is much bigger than what BTC is doing, but as a “new” community and “new” technology it’s important to set standards, let’s push for a better and greener earth, let’s push for a decentralized financial system, let’s push for a greater tomorrow!

Before discovering and understanding blockchain & cryptocurrencies I didn’t have much enthusiasm for the future.

Now, I’m excited more than ever for what’s to come.

It makes me excited that people are already looking into eco-friendly, 0 carbon emission alternatives for mining. We need to leave the world in a better shape than we found it in, it’s up to us to change what the generation before us has destroyed. I’ll end this by saying Climate Change is REAL, and whoever thinks otherwise is just another pawn in the mass manipulation by the media.

Thanks for reading, hope you have a blessed day!