Happy Earth Day! As environmental sustainability continues to be a key topic in the debate around Bitcoin mining, analysts say the industry has begun to naturally gravitate towards cleaner and cheaper energy sources.
Norway contributes about 1% o the total Bitcoin hashrate: CoinShares
Mas Nakachi is managing director of Miami-based XBTO Group’s Bitcoin mining operation XBTO. Founded in 2015, XBTO’s mining operation takes in upwards of $25 million per year and claims to be completely powered by renewable energy sources.Wind power depends on the weather and solar power depends on daylight, but rivers can flow all day every day — and in various locales, water can be pumped uphill during off-peak periods as a way to store excess energy to run generators when needed.
“Harnessing hydroelectric power has remained an effective mechanism to maintain the most efficient mining possible.”journal concluded that “cryptocurrency is unsustainable by design.” Nakachi believes there is a simple path for mining operations to develop both an economically and environmentally sustainable model:
“Prioritizing some form of clean energy to power the majority of operations is, in the long term, a sustainable model for successful mining operations.”, which can switch from the public grid to temporarily generating its own clean energy from dedicated energy generators to relieve stress on the grid during periods of high retail demand.
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