Green Bitcoin Miners - an end to wasted energy

According to a recent report from the Bitcoin Mining Council, the Bitcoin mining industry has become one of the most sustainable globally, with a sustainable electricity mix of 58.4% as of the first quarter of 2022. The report also revealed that sustainable energy usage in the industry increased by 59% over the past year.

These findings are significant as Bitcoin mining has long been criticized for its high energy consumption, which is equivalent to that of a small country. However, many mining operations are now turning to sustainable energy sources, not only to ensure the future of their industry but also for the planet. The New York Times reported that some of the largest publicly-traded crypto mining companies are already using renewable energy, and that the industry’s growing demand for sustainable energy will lead to the establishment of more companies and facilities that offer options such as wind power, solar power, and more. If you’re interested in adopting sustainable energy sources for your mining operations, some options currently available include solar, wind, hydro, and geothermal power.

Solar

Solar energy is a renewable energy source that harnesses the power of the sun. It is abundant, and can be used anywhere on the planet, unlike other forms of renewable energy that are location-specific. It’s estimated that just one and a half hours of solar energy that reaches the Earth’s surface is enough to power all of the Earth’s energy needs for an entire year. Additionally, solar energy is the fastest growing renewable energy source, with an annual average growth of 33%. As installation costs continue to drop, this growth means that more and more people will have access to solar energy. Furthermore, experts expect the cost of solar energy to decrease by 15-35% by 2024.

Wind

Wind power is a widely available renewable energy source that can be found in many regions around the world. It is also one of the most cost-effective renewable energy sources, with costs ranging from $0.01 to $0.02 per kilowatt-hour. Unlike fossil fuels, wind power does not produce any harmful greenhouse gases during its energy generation process, making it an environmentally friendly option. The infrastructure, capacity, and job-generation in the wind power sector are also expanding, with the US alone installing 16,836 megawatts of wind capacity in 2020. Furthermore, wind power has a smaller environmental footprint compared to fossil fuels such as natural gas and coal, with a footprint that is 40% smaller than natural gas and 90% smaller than coal.

Hydropower

Hydropower, or harnessing energy from rivers, streams, and other bodies of water, is another form of renewable energy that is both cheap and abundant. It is one of the least expensive power sources, with a cost of $.04 per kilowatt-hour, and it is also highly efficient, as plants can convert up to 90% of the energy captured into electricity. Hydropower is already widely used, as 71% of renewable electricity generated today comes from hydropower. However, it is location-specific and requires specific infrastructure to be set up on bodies of water.

Geothermal

Geothermal energy is another form of renewable energy that is generated by harnessing heat from the Earth’s crust. It is a vast and untapped source of energy, with an estimated 50,000 times more energy stored than oil and gas resources. Geothermal sources are located around where the Earth’s crust allows for energy to be released, like tectonic plates, meaning that sourcing geothermal energy is location-restricted. The growth in the geothermal industry has been slow, at about 2% per year, but there is still interest in it as a renewable source, especially in tectonic plate zones that can truly harness its potential. Geothermal plants have been found to emit 99% less carbon dioxide than fossil fuel plants, making it environmentally friendly.

Tides and Ocean

The energy potential of waves, for example, is enormous, with experts estimating that if fully harnessed, it could meet the world’s energy needs. The energy potential of waves off the US coast alone could provide as much as 2.64 trillion kilowatt-hours, equivalent to 66% of the US’ energy production.
Capturing ocean energy can be done through a variety of methods, such as wave energy converters, tide turbines, and ocean thermal energy conversion. Like hydropower, ocean energy is location-specific, but it is a very predictable and consistent energy source. Additionally, water is much denser than air, meaning that capturing ocean energy can produce more energy per unit area than wind power.

Waste Energy

Another form of renewable energy is waste energy, which is generated by burning biowaste like wood, waste, landfill gas, crops, charcoal, and manure, and turning the heat into steam power. This sector is growing rapidly, and has seen a 40% growth over the last decade. In 2020, global waste power capacity increased 5.8% over the previous year, and plants have the ability to reduce the volume of waste they start with by 87%.

Expanding Renewable Energy Usage

As demand for renewable energy continues to grow, global supplies are expected to expand by 50% over the next five years. Bitcoin mining is one industry that is increasingly turning to renewable energy sources, which can not only benefit the mining industry but also push for greater use of renewable energy overall. Overall, the increased use of renewable energy is beneficial for both the mining industry and the planet.

Author: Gate.io team

This article represents only the views of the researcher and does not constitute any investment suggestions.
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