When it comes to standing up for what’s right, Bitcoin miners seems to be always at the forefront. When decentralized currency hit the market, they stood by it, and now they are standing up for renewable power sources when Bitcoin is being accused of running on dirty coal.
Since a report surfaced in some paper that the electricity consumption for securing the Bitcoin Network is 0.26% of the world consumption, conversations went awry. People started condemning Bitcoin for eating away the resources, depleting the world of them. But how close to the truth are those allegations?
No coal in Mining areas
The regions of the world where mining is done are main areas of high mountain ranges or perennial rivers. These areas have a renewable energy consumption of about 90% which makes the mining regions in the safer zone. This is in the mining regions in China.
There are some other mining regions around the world that consume electricity in huge numbers, but these too are in the regions of the renewable resources. There is some percentage of fossil fuel powered areas too, but they are minimal when compared with the bigger picture.
This means that Mining is, in fact, a very low key participant in the Global energy crisis that the world is facing, and these miners are raising their voices to tell the world that Bitcoin doesn’t play a part in it. The questions should be on the ones who are indeed affecting the atmosphere directly.
Fidelity’s Mining Summit
These concerns were raised and answered at Fidelity’s Mining summit recently. It was attended by various miners from around the world as well as guest speakers for the event. They also spoke about the innovations in crypto at their R&D department.
The guest speakers disapproved these notions that were placed on Bitcoin by putting forward the data collected from the regions of the most mined regions of the world. The data was enough to show the very less impact that Bitcoin is having over the natural resources of the planet.
In the increasing temperatures and extreme climatic conditions, raising concerns over our natural resources is only logical and if there’s anything that can save them from depleting the resources is going towards renewable resources.
Bitcoin and other cryptocurrencies do have a part to play in bringing the renewable sources of energy into the forefront. Since there’s always the need for a cheaper and yet more efficient source of energy, these crypto enthusiasts would be more than interested in technologies that bring cleaner and cheaper energy into the equation.