Eco-Friendly Crypto Mining, The Shift for Sustainability

The way how some of the cryptocurrencies like Bitcoin and Ethereum are created, is definitely not environmental friendly and mining, which is a method of creating cryptos, has developed a bad reputation about cryptocurrencies. Bitcoin mining produces more carbon pollution than some countries, which needs to be addressed and solved.

Over the last few years, as digital assets have grown more popular, people have complained that the amount of energy used for mining is excessive and also expensive.

Luckily, there has been some studies and reports showing that 76% of the crypto miners use renewable energy sources as part of their energy mix. Some of the common energy sources include solar, wind, hydroelectric power, oil and gas. Oddly enough, solar energy is not the most popular source being used by major mining operations, but hydro and geothermal as the dominant renewable powering facilities. According to Christopher Bendiksen, the head of research at CoinShares:

"Hydro power is and will probably remain the most cost effective energy source for Bitcoin mining for the foreseeable future."

There is, of course, a certain barrier to entry, considering the initial cost of buying solar panels and mining equipment, but seeing the shift in the industry is very promising.

Full report on crypto mining:

https://coinshares.com/assets/resources/Research/bitcoin-mining-network-december-2019.pdf

What do you think, can we carry on with mining on a more eco-friendly and sustainable way? Comment down below!

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