Is It Possible to Mine Bitcoin Using Clean Energies?
Mining Bitcoin is developing quickly, from mining via PCs to advanced mining devices which have been designed and made following this purpose. What is of high importance is consuming energy to start these huge devices and its environmental damagesthis purpose. What is of high importance is consuming energy to start these huge devices and its environmental damages
Mining Bitcoin is developing quickly, from mining via PCs to advanced mining devices which have been designed and made following this purpose. What is of high importance is consuming energy to start these huge devices and its environmental damages. Some believe that using electricity to mine Bitcoin with huge mining devices causes warming the environment.
Using Clean Energy to Mine Bitcoin
An event has recently been held to investigate the use of different energies in cryptocurrencies mining industry.
The location of holding this event is as effective as the negotiations exchanged in this gathering. Fidelity Applied Technology center, research and development center which has studied about mining Bitcoin, held this conference in Boston, the global center for the giants of financial services. Fidelity has accepted the market of cryptocurrencies more than the attendees. This year Fidelity intends to launch its digital access services. This service has the duty to store Bitcoin for big customers, and it is expected to be on sale in the next week.
According to Digiconomist, in the final statement, all attendees tried to challenge the public claims implying that near 1% of the global electricity consumption is in the field of mining cryptocurrencies.
Miners Are Looking to Get Access to Renewable Energy
John Belizaire, CEO of Soluna, is sure that the miners are perpetually searching and trying for getting access to cheaper energy. Because of that, they will turn into the agents of developing renewable energies in the near future. John Belizaire’s company is building a large wind power generating farm in Morocco; main consumers of this energy will be Soluna miners and electricity surplus will enter the electricity grid.
John Belizaire predicted that as a result of this, the face of the industry would change in the future, and all people will surely refer to Bitcoin again in a decade.
In John Belizaire’s opinion, mining helps monetarizing global calculations grid-like new renewable energies, and on the contrary to the past, it does not need the government’s financial assistance.
Mining with the Help of Rivers and Not Coal
Bendiksen, the head of CoinShares research department, said that the extensive concept that Bitcoin is mainly mined with the dirty coal is not true. His team recently conducted some studies about the main regions and sources of energy for mining.
Miners are more located in the mountainous regions with big rivers which have a significant share in mixing renewable energies. CoinShares’ findings show that 48% of the total global mining is done in the province of Sichuan wherein renewable energy is common (90% of the whole different energies), and the other 12% of this mining is carried out in the other parts of China which earn about half of its energy from renewable energies.
35% of the other minings is done in different parts of the world, including British Colombia and Quebec, Canada, the state of Washington, U.S., and Iceland. According to the published report, the rest of the world produces the remaining 5%. Most of these places own a dramatic amount of renewable energies, especially electricity which is produced from other natural resources.
Moreover, the capacity of many hydro-generated energy plants of the globe is not used completely. Bendiksen has told that despite the fact that the constructed hydropower dams in different parts have suitable landscapes and big rivers, they are not necessarily facing high population density. Therefore, miners can exploit this capacity for mining.
Besides these capacities and generating electricity through various methods; currently, the generated electricity through renewable energies is more than the consumption of the total population that this surplus electricity can be employed to mine bitcoin.
Collecting Mining Information from the Miners
In response to the question that how the information related to miners’ density has been collected, Bendiksen said that in fact this information was achieved from the miners themselves.
He told Coindesk: “we search all around the internet, especially miners’ community, talk to miners and read the news articles.”
Bendiksen continued that although miners’ community, for example, in China, are very isolated and disinterested to what the west thinks about them, they are still inclined to answer the questions.
Natural Gas, Another Way to Mine Bitcoin
Stephen Barbour, president of Upstream Data, believes that one of the available and usable sources can be the cheap energy of natural gas, which is obtained during oil extraction. Oil companies which don’t use this gas should destroy it; therefore, they burn it. According to the information of General Electric, as a result of this process, 140 billion cubic meters of gas is wasted.
Barbour said that his company created a system that takes gas in the spot of oil drilling, changes it into energy and then uses it for mining Bitcoin. According to him, a prototype has been made in Canada, which presently helped the decrease of Carbon emission more than 10,000 tons annually.
Barbour told Coindesk: “this mine has been mining since 2017 and is working on the output gas.” In the primary phase, through using a 45-kilowatt plant and Antminers9 mine machinery which was made by Bitmain, the system mined about 20 Bitcoins during two years.
Upstream Data is more dependent on oil manufacturers in the provinces of Canada, Alberta, and Saskatchewan, which are rich in oil. He said that there are some programs for Texas, a small oil drill company, which he cannot disclose its name, has bought a mining data center for an unfruitful drilling site.
Whether mining Bitcoin is harmful for the environment or not is not certainly clear. Finding an absolute answer is on the environment researchers. However, if a day this claim is proved that mining Bitcoin has damaging results for the environment, certainly we will confront a wave of protests and campaigns by the environment activists which will destroy the future of Bitcoin.