Bitcoin Mining Power Consumption is a Non-Issue with Solar Power Being Free in Some Areas
BTC, being a trustless digital asset, usually requires a mining process to validate each transaction, which is then recorded on the blockchain for eternity. The mining process entails solving a complex equation, which usually requires a lot of computing power. In most cases, it requires specially designed hardware that consumes a lot of power.
Because of the power consumed during mining, BTC and are crypto coins have been demonized for increasing the carbon footprint. This could potentially damage the environment, according to opponents of crypto mining. However, this is all negated because of the overabundance of solar power in some areas of the world. In the future, this could make the issues of mining power consumption a non-issue.
Free Solar Energy Could Negate The BTC Carbon Footprint
As the concerns about climate change continue to gain momentum, crypto is becoming a hot-button issue. It is not just because of the downward price movement but also because it is contributing to global warming. BTC, the lead crypto coin in the world is notorious for consuming power. Most have said that this power consumption will be its Achilles heel.
Despite the hype, opponents of BTC, who are looking for another way to take a dig at crypto in general, may have exaggerated these claims. This is because the world is bathed in free solar power daily. This power is cheap, and it can be harvested for BTC mining.
Example Of Free Solar
For instance, Chile receives some of the highest amounts of solar each year. The nation has the biggest solar power plant in South America. Its proximity to the equator combined with favorable weather and climate make the nation a prime area for solar power generation.
Chile has set itself a goal of harvesting about 19% of its power from solar by 2050. This is according to a roadmap created by the Ministry of Energy. Chile is already producing so much solar power that it started to give it away free from 2016.
What The Experts Think
According to a research associate at the University of Pittsburg, who studies clean energy such as solar, everything will eventually work out. Katrina Kelly-Pitou said that with time, all new technologies eventually become more efficient at energy consumption. Thus, this will eventually happen for BTC and other cryptos.
Kely-Pitou explained that she studies clean energy with a focus on the transition toward non-carbon based energy sources. In her opinion, the conversations around BTC and its energy use have been too simplistic.
She also said that not all crypto mining rigs contribute equally to an increased carbon footprint. For instance, most power consumption in China is based on fossil fuel. As a result, mining there contributes more to global warming than a farm in the Pacific Northwest. These are regions where most of the power supply comes from hydropower. No matter the location, the focus should be on mining firms and their source of power. However, it is not right to blame BTC itself.