How Using Solar Power Energy Can Help Make Crypto Mining Ecofriendly

    How Using Solar Energy Can Help Make Mining Cryptos Ecofriendly

    Lately, there’s been a lot of concern about the environmental damages caused by crypto mining. These damages are caused by vast amounts of electricity consumed during the process of powering ASIC devices and mining cryptos.

    However, instead of depending on traditional energy sources for electricity, a new Harvard Business Review paper has suggested an alternate energy source in the form of solar energy.

    According to studies, the amount of energy needed to power and keep blockchain technologies running, exceeded the energy outputs of over 155 countries across the globe.

    Naturally, sudden power consumption at this level is damaging and dangerous to the world’s environment, ad may threaten the Paris Climate Change agreement.

    Crypto mining is seen as the major culprit in this emerging global problem. This is because it requires a ton of energy to solve mathematical puzzles, verify them, add the data to several nodes and finally on to the block.

    At the end of the day, crypto mining and its demands on our traditional energy sources is really bad. It never used to be like this in the early days when mining was an interest among enthusiasts, and the price of one bitcoin was less than a dollar.

    These days, at its current price, bitcoin mining has become a profitable venture for any and all interested individuals who can afford the expensive mining rigs. There are server farms and mining pools spread across the globe with tens of thousands of mining equipment, gulping electricity and solving these puzzles for the reward of 1 BTC.

    While that has slowed down drastically in recent times –owing to bitcoin’s fall in price- chances are it will pick up when bitcoin’s value shoots up again to the $10,000s. When this happens, the question is how long can it be sustained for?

    How much electricity would be required to solve these puzzles, particularly if the price of 1 BTC goes up to as high as $250k? This is why an alternative means of energy supply –preferably a renewable one- is best to minimize further negative effects to the environment.

    Thankfully, we can start with the following energy solutions:

    Solar Power And Other Alternatives

    The first of these is that miners can choose is solar power as well as alternative sources of green renewable energy. The good news is that the facilities are available for miners if they’re willing to explore it.

    For instance, the state of Texas generates more power from solar energy than what is currently generated from every other energy source in the whole world. This means that you can use as much solar power as you want with very negligible effects on the earth.

    A good example of a company that uses renewable energy for bitcoin and ethereum mining is Iceland-based Genesis Mining. This firm gets all its power needs from renewable energy sources. Miners can borrow a leaf from companies like this and set up their own renewable energy based mining infrastructure.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    Coinbase Commerce Crosses $200,000,000 In Crypto Payments Since Launch

    Covid-19 hasn't kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transaction report from...

    Singapore Exempts Binance, Coinbase, Gemini, and Ripple From its Current PSA Crypto Act

    Singapore is counted among one of the crypto hubs of the world as it offers ease of business for these crypto service providers when...

    The World Has Gone Full Crypto in 2020; Volatility is Up, Stocks Are trading like A Sh*tcoins

    The global markets are on a rollercoaster for the past few weeks, one day they are recording historical one-day gains the next they are...

    South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

    KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible. As per the local...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.