Bitcoin Miners State Their Case at Fidelity’s Mining Summit: Renewable, Clean Energy at the Forefront
Bitcoin (BTC) miners have been accused of consuming large amounts of energy to process network transactions. However, they have made the case for their industry as a driver for the wider adoption of clean energy at Fidelity’s Mining Summit a few days ago.
Could Miners Help Drive Clean Energy Adoption?
Cryptocurrency mining activities are very energy consuming. In general, miners need large amounts of electricity to power the operations of their miners. At a conference hosted by the Fidelity Center for Applied Technology, 300 attendees discussed different issues, including the Bitcoin network and its energy consumption.
According to data provided by Digiconomist, 0.26% of the world energy consumption goes to Bitcoin mining activities. This is clearly an environmental threat that bitcoin miners need to address in order to keep operating in the future.
John Belizaire, the CEO of Soluna, a company that is working on a large wind power generating farm in Morocco, said that Bitcoin will push for greater infrastructure projects around the world.
On the matter, Belizaire commented:
“Bitcoin is at the centre of the next great infrastructure that we’ve never seen before. We’re going to go to places that have incredible renewable energy sites. In a decade we will start referring to bitcoin completely.”
Moreover, the notion that Bitcoin is mined with Chinese coal is not real, according to Chris Beniksen, the head of CoinShares research department. According to him, miners are located in mountainous regions that have large rivers and provide renewable power to the electricity grid. Moreover, the company CoinShares explained that 48 percent of all the global mining operations take place in the province of Sichuan.
There are other countries such as Canada, the United States and Iceland that account for 35 percent of mining operations. The remaining 5 percent is produced in other countries. All the aforementioned territories have large amounts of renewable energies, specifically hydro-generated energy.
Furthermore, there is a lot of hydropower around the world that is underutilized. There are large hydropower dams that have been placed in regions with low populations and that can be used in order to mine the most popular digital cryptocurrency around the world.
Another way to mine digital assets is by using the natural gas that is released during oil mining, which is known as associated gas. The president of Upstream Data, Stephen Barbour, explained that Oil companies need to get rid of this gas, which they are not using. By burning it, they lose 140 billion cubic meters of gas that can now be used to mine digital currencies.
This is why they have developed a system that captures the gas at the oil drilling site. They transform it into energy and mine Bitcoin.