Bitcoin Mining Vs. The World: BTC Leads Sustainable Energy
October 26 2021 - 10:35PM
NEWSBTC
Recent reports show that Bitcoin mining uses great amounts of
renewable energy due to economic incentives. This turn of events
raised their numbers of sustainable power mix to almost three times
higher than the world average. As renewable energy offers low
costs, bitcoin miners, who had to spend 68.42% of their total
income to purchase electricity, have upscaled their efficient use
of green energy. A recent data review shows how their mix of
sustainable energy is higher than any country or industry.
Renewable energy is not flexible and their locations do not tend to
be convenient for most people. As bitcoin miners move close to
sources of energy to lower the costs, they are a viable solution to
not waste the sustainable energy that otherwise would be deployed,
as explained by CoinShares. According to a survey carried by the
Bitcoin Mining Council (BMC), the electricity mix used by bitcoin
miners increased 3% from second-quarter to an approximate of 57.7%
sustainable in third-quarter 2021 “making it one of the most
sustainable industries globally.” MicroStrategy’s CEO Michael
Saylor had stated earlier that the Bitcoin Mining Council’s effort
to bring clarity and transparency over Bitcoin mining will most
likely “play an important role in demystifying” the industry.
Furthermore, a whitepaper by the Bitcoin Clean Energy Initiative
from earlier this year had explained how bitcoin mining, when using
renewable energy, “is especially suited to accelerate the energy
transition” towards a cleaner electricity grid: With bitcoin mining
integrated into a solar system, (…) energy providers – whether
utilities or independent entities – would have the ability to play
the arbitrage between electricity prices and bitcoin prices, as
well as potentially sell the “surplus” solar and supply almost all
grid power demands without lowering profitability. China’s Ban
Impact On Bitcoin Mining Digiconomist data shows that China’s ban
of all Bitcoin mining activities dropped the total amount of
“active computational power in the network” by 50%. The reduction
of mining competition also generated higher levels of income for
active miners worldwide. Torbjørn Bull Jenssen CEO of Arcane
commented earlier: As China is turning away from bitcoin mining,
the mining industry as a whole is becoming increasingly green and a
driver for renewable energy around the world. Now is excellent
timing for Arcane to enter into this segment, (…) Mining is a very
interesting business stand alone, and it also has considerable
synergies towards our other investments and business. I am looking
forward to finalizing the strategy for Arcane Green Data and
presenting it in more detail for our partners and investors.
Related Reading | Is China Considering Lifting The Bitcoin
Mining Ban? The NDRC Runs Public Survey In a wider panorama of
energy usage by Bitcoin miners, Square funds a solar-powered
facility for bitcoin mining, El Salvador explores the viability of
using volcanic renewable power for mining bitcoin, and other
countries propose economic incentives for bitcoin miners who use
renewable energy. Related Reading |Jack Dorsey: Square Could Build
Bitcoin Mining System CoinShare stated in June’s report that
bitcoin’s network is “more renewables-driven than almost every
other large-scale industry in the world.”
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