Reshab AgarwalBitcoin mining is one of the most controversial aspects of the currency. It is important to note that Bitcoin’s proof of work nature is the big reason that it is decentralized and is not controlled by anyone. So, if any of you have the idea of shifting Bitcoin to a proof of stake nature, it’s not going to happen. But to deal with the situation, the best thing that can be done is to promote the usage of renewable energy. And as time passes by, the consumption of green energy over fossil fuels is increasing.
Bitcoin mining and its energy usage
A recent study from Cambridge University says that the environmental impact of Bitcoin mining has decreased in the last 6 months. This change has been drastic and can be attributed to the use of renewable energy resources for mining. Presently, the entire mining community is a lot greener than before. And at the same time, the crackdown of China on crypto and mining has also helped quite a lot. We should note that miners in China had access to a lot of coal power that was cheap. And this gave rise to pollution through Bitcoin mining. But now that problem has been resolved.
China already had a lot of control over the Bitcoin mining hash rate. So, when people said that Bitcoin mining is not actually green, it indirectly meant the miners in China. Overall, I assume that in a few years, the entire Bitcoin mining community will be running on completely renewable energy resources.
Why is Bitcoin mining not waste?
Some might think that the renewable energy that is used for Bitcoin morning could be used elsewhere and save energy. Right? But the problem with that is, a lot of energy is wasted worldwide. The produced energy globally is not the used energy, and this imbalance is what Bitcoin takes advantage of. Bitcoin miners can mine anywhere in the world but not all energy can actually be sent to the grid. For example, if there is a Bitcoin mining facility at a solar farm somewhere, it is not necessary that the energy from the farm was going somewhere or reaching the grid. This is why Bitcoin is using the untapped energy to give a unified solution for the entire world’s banking needs.
What are your thoughts on the fact that Bitcoin mining is using more renewable energy? And do you think this will soon become a 100% green activity? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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