Data collected by Digicomist.com shows that Bitcoin (BTC) mining consumes as much electricity as a country in Austria for 73.12 TW / h. Excessive use of energy is considered one of the strongest arguments for mining opponents, that is, mining is an activity that causes great damage to the environment. But is this completely true?
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Bitcoin mining and water power station to achieve synergy
But another analysis shows that at present, BTC mining is actually very environmentally friendly. The main reason is that the main source of electricity is hydropower. According to the latest research from the CoinDCA Bitcoin blog, mining facilities are actually ideal for hydroelectric power stations.
The bitcoin mining farm built from the lower reaches of the Three Gorges Dam in China, or the bitcoin mine that uses hydropower in Washington, is actually a boon to the industry. Mining is a 24×7 event that is always ready to absorb excess electricity. The blog states:
“Variable production means that renewable suppliers get paid or have a lot of wasted capacity. No one wants to buy extra gigawatts at two in the morning. Nobody except bitcoin miners. Whenever bitcoin mining Always willing to buy cheap electricity to solve this problem for renewable energy. No other industry has this property."
Bitcoin mining is also a seasonal activity, with China's rainy season increasing significantly. The mine can go online and offline, and adjust the power consumption in time.
Miners are also aware of the need to cool mines and choose high-altitude or cooler places, which are naturally rich in renewable water.
Mining keeps peak
Bitcoin computing power has recently returned to above 102 EH / s. This level of activity is unprecedented, and according to experts, miners still use the old S9 series Antminer mining machine for production. With the new shipments of the S17 series, the efficiency of mining per unit of electricity may even be higher.
“The future looks like clean energy around the world, most of which is renewable, linked to the local bitcoin mining business that uses idle power generation.”
Bitcoin mining still requires more hardware than PoS. However, e-waste is highly recyclable.
The carbon footprint of a BTC transaction is reported to be 741,703 VISA transactions. However, this only considers direct energy use, regardless of the VISA team, office, buildings and all other activities to sustain the business. On the other hand, Bitcoin's network is automated and does not require a lot of labor.