There is always an argument that says that mining of Bitcoin is very harmful to the environment. It does take up a lot of energy and is not particularly carbon footprint-free. But yes, there is another side to this. Square and ARK invest think that Bitcoin mining is actually good for us as it can drive the use of renewable sources of energy. Even Elon Musk has agreed upon the fact that, yes, it true that BTC mining can be beneficial for us.
How can Bitcoin mining promote the use of renewable energy resources?
We all know that Bitcoin mining is a very power-intensive process and needs really high-power devices that can do the work. This is why apart from the one-time investment in mining setup, the main expense is electricity. And electricity doesn’t come cheap. It is also one of the factors one needs to consider to see if mining is actually beneficial for them. But with the use of renewable energy resources, one can cut down a lot on mining costs and make much more profits.
So, if we think in a way, Bitcoin mining actually promotes the use of renewable energy as that’s the only way to make more profits. While some states and governments have reduced taxes on electricity used for BTC mining, still most levy heavy taxes on this specific use. Another important thing to consider is the one-time investment in renewable energy gear. Just consider if you are mining and use solar energy, then you need to invest in it only once. After that, it will continue to work for you for a very long time.
As more people realize the hidden potential of renewable energy, the adoption is increasing. And the ultimate goal is to reduce the carbon footprint and not cut down on the use of energy. So, if Bitcoin mining starts to shift towards the use of renewable resources completely, then we can actually benefit a lot from it. It is a new revolution and has the potential to change the world.
Turning negative to positive!
Bitcoin’s biggest downside is the use of a huge amount of energy for mining. Research suggests that its usage is equal to the city of Argentina. This is why if Bitcoin actually incentives the use of renewable energy resources and cuts down on the carbon footprint then we can expect a huge boost in its usage. Critics that have always slammed Bitcoin will have nothing to say about it. And the government will also not be able to shut it down in the name of the environment.
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