While cryptocurrency mining has helped advance several industries, over years. Read this guide to know is solar Energy is capable of turning Crypto Mining Eco friendly. learn how solar energy will save environment from crypto mining effect.
Bitcoin and other mainstream,
high-cap cryptocurrencies are now considered major businesses with market caps of these coins breaking their own records. Bitcoin has wills and trust been hailed as the primary cryptocurrency in the sector with many top influencers supporting Bitcoin and its growth.
Amidst the enthusiasm of reaching new #ATH, there have been major issues related to Bitcoin that have also surfaced and need attention. One factor that can easily undermine the success of Bitcoin is the massive amount of power that is required for mining the coins. The profitability and prospects of mining Bitcoin have gained popularity and many mining farms have mushroomed across the world. But the crypto mining farms without a doubt require massive amounts of electricity in order to work with full efficacy.
We are all aware that environmental concerns like global warming are enraging society and adding to this, the heavy usage of power for mining can put a damper on resources. Hence there is an increased need for farms to switch to renewable sources of energy, but time is just slipping out.
Let’s observe some facts
Cryptocurrency mining is a heavy activity that requires heavy capital expenditure. Miners are here expected to pay heavily if they have to buy rigs with huge processing power. The rigs by themselves need tremendous amounts of electricity to function making it extremely difficult for miners to find the right balance between costs and profitability.
We all are aware that mining is indeed a formidable source of revenue but power-hungry machines still take a back seat when people get a good ROI. The Bitcoin network in 2017 consumed 30 terawatt-hours (TWh) of electricity a year. But now the network uses more than two times that energy. As is claimed, each Bitcoin transaction roughly needs an average of 300 kg of CO2 equal to the carbon footprint produced by 750,000 credit cards swiped.
Source: Digiconomist
Long before crypto mining popularized, the global environmental warlords were still seeking solutions to generate and build on a sustainable way of energy production. Climate change, global warming, and depletion of the ozone layer continuously threaten humanity. Coming to think of it, as per some estimated Bitcoin independently consumes 0.15% of the world’s energy which far exceeds the energy consumption of small countries such as Ireland or several African nations.
has assisted several industries without a doubt, but owing to the heavy electricity usage and environmental impacts, it can seriously undo what little progress has been achieved to preserve environmental progress. There is an urgent need for mining farms to switch to alternative sources. The top Bitcoin influencers should come out in support of such resources to bring a change.
Finding the right balance between Mining costs & Crypto Prices
When costs are controlled in a mining operation, it will undoubtedly increase profits. But a cheap mining operation is only one part of it all. For the miners to make consistently neat profits, the price of the token has to remain high. Merkle suggests that the prices of Bitcoin have to stay above $2000 for the operation to be profitable.