Bitcoin is going green faster than ever

It is undeniable that in the past few years, Bitcoin (Bitcoin) Consume too much electricity and continue to gain more and more mainstream traction. However, what is sometimes overlooked is that in recent months, more and more Bitcoin miners have switched to power sources that are mainly driven by renewable energy.

To further elaborate on this topic, it should be noted that some studies, including a Cambridge University recently released, Revealed that more than 75% of all miners operating today use renewable energy to power their daily operations.

In response, MintGreen, a Canadian clean-tech cryptocurrency miner, recently announced that it has reached a heating agreement with Lonsdale Energy Corporation. Bitcoin mining By early 2022, residents of North Vancouver, British Columbia.

To elaborate on this transaction, a MintGreen spokesperson recently Said The company’s digital boiler can recover more than 96% of the electricity used for Bitcoin mining. According to reports, with this setting, the company can prevent 20,000 metric tons of greenhouse gases from entering the atmosphere per megawatt per year.

Not only that, MintGreen also claims that the collected energy can and will be used to heat 100 residential and commercial buildings in Canadian cities. According to the most recent census data, the city currently has approximately 155,000 people.

But is this just the tip of the iceberg of how the crypto industry affects the environment in a positive way?

Renewable energy changes the rules of the game

Colin Sullivan, CEO of MintGreen, provided his views on the matter. He said his company’s partnership with Lonsdale Seek help to alleviate and solve some problems People tend to associate various cryptocurrency mining activities with climate change.

Zach Bradford, CEO of sustainable bitcoin mining and energy technology company CleanSpark, told Cointelegraph that the relationship between energy production and bitcoin mining will continue to deepen and expand in the next ten years, adding that there are many stranded energy assets in the north. Coin mining is particularly suitable for use in the United States. Then he went on to add:

“Currently, some power plants are too far away from metropolitan areas to function during normal demand periods. Bitcoin miners can work with the community to save energy by using it to mine Bitcoin and send excess energy to other parts of the grid .”

When asked about the long-term feasibility of the proposed setup by MintGreen, he believed that it all depends on the company and the company, and pointed out that there are two situations that can be used to expand the topic: “In one case, Bitcoin miners are suffering from excess energy. Stores in places-where energy has been lost. Mining converts these stranded electrons into something useful-Allah Bitcoin.” In Bradford’s second scenario, “Bitcoin miners added specific areas Total power generation,” he added.

According to Bradford, while the latter may result in a “loss” of mining energy, when it comes to such a setup, there is usually more total energy available. Therefore, if the local power infrastructure requires additional energy-heating or cooling homes during peak periods-the grid can use this excess power to meet the needs of users.

Bitcoin’s future is getting greener

In Bradford’s view, Bitcoin mining is the first meaningful investment in decades to help strengthen the existing energy infrastructure in North America, because he believes that Bitcoin not only increases energy consumption in mining areas , But also increased the energy production capacity of the region, adding:

“This is a key aspect that is sometimes lost in ideological struggles. As electric vehicles become more mainstream, energy consumption in North America will increase substantially in the next decade. In California, electric vehicles have given the state The power grid brings pressure. California’s present is North America’s future.”

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In this regard, one can see that Bitcoin mining incentivizes energy development and power generation, and almost everyone involved-not just miners-will benefit from this evolution. “With global climate goals, greater energy demands for electric vehicles, and monetary policy all conflicting with Bitcoin at the center, we are riding like crazy,” Bradford said at the end.

Similarly, Samir Tabar, the chief strategy officer of Bit Digital, a Bitcoin miner listed on the Nasdaq, told Cointelegraph that Bitcoin miners have been criticized for the environmental damage caused by mining. However, today’s reality is that Bitcoin miners have become pioneers in using sustainable practices to demonstrate innovation and creativity. “This North Vancouver experiment is an example of this ingenuity,” he pointed out.

Cryptocurrency towards a more sustainable future

arrive report According to a report released in December 2020, it is estimated that real estate construction operations and related construction-related activities currently account for 38% of all carbon dioxide emissions in urban areas. Therefore, the claim that cryptocurrency mining itself is rapidly becoming one of the biggest contributors to today’s global warming may be distorted.

To further elaborate, a study shows that hydropower is currently the most commonly used energy source for miners. According to reports, 62% of all mine operators use hydropower to facilitate their daily operations-its resources can be consumed. For example, coal and natural gas ranked second and third with 38% and 36% respectively, followed by wind and solar.

In addition, as companies like MintGreen are now modernizing their mining equipment at an ever-increasing rate, it is a matter of course that more companies and people will seek Turn to various crypto mining businesses To meet their electricity and heating needs in the near future. In fact, MintGreen has partnered with the Vancouver Island Sea Salt Factory and Canadian whisky company Shelter Point Distillery to begin selling its excess heat energy by 2022.

As the industry tries to move closer to a greener future, it seems that many standards around carbon neutrality are becoming the norm in the crypto mining industry.Put things in mind, data Suggest Gold mining consumes more resources than BTC. Similarly, it is estimated that flare gas waste can power the entire BTC network 6.2 times, which shows that crypto miners can become part of the solution to energy waste.

Finally, as pointed out earlier, more and more mining companies have adopted the following strategies: Make them “climate positive” Scope 1, 2 and 3 greenhouse gas emissions.