Bitcoin’s environmentally-friendly attributes are well known now, but there is a new technology that could make Bitcoin mining even more sustainable than before. GreenBit has begun to get their miner into the hands of players all over the world and they may be doing it faster than any other company on Earth.
The world’s first green cryptocurrency is proving to be the most popular of its kind, with an average trading volume nearing $1.4 billion in May 2019 alone! Experts say this ensures that bitcoin will soon become a mainstay for environmental activists and investors alike.The “bitcoin mining” is the process of adding transaction records to Bitcoin’s public ledger of past transactions. The system released a new cryptocurrency called “Bitcoin Green” that will be mined faster than any other cryptocurrency.
There’s no doubting that the argument that Bitcoin (BTC) uses too much electricity has gained significant public acceptance in recent years. However, it’s easy to overlook the fact that, in recent months, a growing number of Bitcoin miners have shifted to power sources that are predominantly powered by renewable energy.
To add to the discussion, it should be highlighted that a number of studies, including one published recently by Cambridge University, have shown that more than 75% of all miners working today employ renewable energy sources to power their daily operations.
MintGreen, a cleantech cryptocurrency miner located in Canada, recently announced that it has reached a deal with Lonsdale Energy Corporation to distribute heat produced by BTC mining to inhabitants of North Vancouver, British Columbia, by the beginning of 2022.
To further explain the agreement, a MintGreen spokeswoman recently said that the company’s digital boilers are capable of recovering more than 96 percent of the power used for Bitcoin mining. According to reports, the company will be able to save 20,000 metric tons of greenhouse emissions per megawatt from entering the environment each year as a consequence of this system.
Not only that, but MintGreen believes that the captured energy can and will be utilized to heat a total of 100 residential and commercial buildings in a Canadian city with a population of roughly 155,000 people, according to recent census statistics.
But, in terms of how the crypto sector may positively effect the environment, might this be the tip of the iceberg?
Renewable energy may be a game-changer.
Colin Sullivan, CEO of MintGreen, expressed his opinion on the situation, saying that his company’s relationship with Lonsdale aims to assist reduce and address a variety of climate change concerns that people have tended to link with different crypto mining operations.
According to Zach Bradford, CEO of CleanSpark, a sustainable Bitcoin mining and energy technology company, the relationship between energy generation and Bitcoin mining will continue to deepen and expand over the next decade, with a lot of stranded energy assets in North America that Bitcoin mining is well suited to utilize. Then he went on to say:
“At the moment, there are power plants that are too far away from major metro regions to be efficient during peak demand. A Bitcoin miner may work with the community to save energy by mining Bitcoin and sending the surplus to other sections of the grid.”
When asked about the long-term feasibility of a system like the one described by MintGreen, he said that it varies greatly from firm to company, and that there are two scenarios that may be used to elaborate: “In one scenario, Bitcoin miners set up business where there is a surplus of energy — that is, where energy is already being wasted. Mining turns those stranded electrons into something valuable, similar to Bitcoin.” “Bitcoin miners boost the overall energy production in a certain location,” Bradford stated in the second scenario.
While the latter may result in a “loss” of energy for mining, Bradford claims that when such a configuration is used, there is frequently substantially more overall energy available. As a result, if one’s local power infrastructure need that additional energy — for example, to heat or cool houses during peak hours – networks might utilize this surplus electricity to meet their customers’ demands.
Bitcoin’s future is becoming more and more green.
Bitcoin mining, in Bradford’s opinion, is the first significant investment in decades aimed at bolstering North America’s current energy infrastructure, since he thinks that Bitcoin not only boosts energy consumption but also enhances the region’s energy generating capacity, adding:
“This is an important point that is frequently overlooked in the ideological debate. As electric cars become increasingly common, North America’s energy usage will skyrocket during the next decade. EVs are already putting a burden on California’s electrical system. “California’s present is the future of North America.”
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In this way, it’s clear that Bitcoin mining encourages energy growth and production, with practically everyone — not just miners — benefiting from the process. “We’re in for a crazy ride,” Bradford said, “when global climate objectives, increased energy demand from electric cars, and monetary policy converge, with Bitcoin at the heart of it all.”
Similarly, Samir Tabar, chief strategy officer of Bit Digital, a Nasdaq-listed Bitcoin miner, told Cointelegraph that Bitcoin miners are and have been chastised for the environmental impact of their operations. Bitcoin miners, on the other hand, have emerged as the forerunners in demonstrating ingenuity and inventiveness in implementing sustainable methods. “North Vancouver’s project is an exemplary illustration of such inventiveness,” he said.
The journey of cryptocurrency towards a more sustainable future
According to a survey published in December 2020, real estate building operations and related construction-related activities already account for a staggering 38 percent of all carbon dioxide emissions in metropolitan regions. As a result, the narrative that crypto mining is rapidly becoming one of the most significant contributors to today’s global warming may be misleading.
To elaborate, according to one study, hydroelectric power is currently the most common source of energy for miners, with 62 percent of all mining farm operators reportedly using hydroelectricity to facilitate their day-to-day operations — with exhaustible sources such as coal and natural gas coming in second and third, respectively, at 38 percent and 36 percent.
Furthermore, with companies like MintGreen rapidly updating their mining rigs, it stands to reason that more businesses and individuals will look to crypto mining operations to satisfy their electricity and heating demands in the near future. MintGreen has already formed a partnership with the Vancouver Island Sea Salt factory and Shelter Point Distillery, a Canadian whiskey firm, to begin selling its surplus thermal energy by 2022.
Many regulations concerning carbon neutrality look to be becoming the norm for the crypto mining sector as the industry seeks to move closer to a greener future. To put things in perspective, evidence indicates that gold mining depletes more resources than BTC mining. Similarly, flare gas waste is projected to be enough to power the whole BTC network 6.2 times, demonstrating that crypto miners might be part of the answer when it comes to wasted energy.
Finally, as previously said, an increasing number of mining companies have implemented measures that have allowed them to become “climate positive” in terms of Scope 1, 2, and 3 greenhouse gas emissions.
Bitcoin has been going green faster than ever. The amount of energy consumed by bitcoin is quite low. Reference: bitcoin energy consumption.