The concept of mining Bitcoin is subject to a lot of scrutiny. High electricity usage has both utility providers and governments concerned. The quest for clean energy-based mining is far from over. Three new efforts are currently being explored to put a positive spin on this energy-intensive industry.
Introducing Ecological Bitcoin Mining
The high electricity requirement associated with Bitcoin mining is a problem. Numerous companies draw huge amounts of power from their local grids. There are growing concerns over whether or not the infrastructure can handle such a load. Causing problems for regular businesses and families is the outcome no one wants. Prevention is often better than mitigation in this regard.
Solving the electricity-hungry approach of mining is a challenge. Some firms explore renewable energy solutions. That has caused Hydro-Quebec in Canada to hike prices for cryptocurrency mining firms. Other countries may introduce similar price hikes in the very near future. New solutions need to be found, sooner rather than later.
Australia is home to two innovative Bitcoin mining ventures. Hunter Energy and IOT Group explore low-cost electricity offerings for blockchain companies. The electricity is generated through PV and batteries. As such no fossil fuels are required, nor is there a reliance on renewable energy sources. The companies will turn waste into energy, which is an option worth exploring.
Innovative Solutions are Plentiful
Turning waste into electricity is not a new concept. The idea has been kicked around before, yet it is not a common business practice at this time. Another option is to use spare renewable energy on a global scale to power Bitcoin mining operations. Obtaining electricity from around the globe, rather than just one area, can introduce a lot of positive changes. This can be achieved through a mobile data center which can be “plugged into” power plants at any location.
Investors are all too aware of these new potential solutions. Some firms successfully raise funding because of their novel approach. With the necessary capital, building the infrastructure to turn Bitcoin mining into an eco-friendly process can commence. All of these efforts are in the initial stages of development at this time.
The bigger question is whether or not society will ever look favorably upon Bitcoin mining. This activity has always been very “niche” first and foremost. Computers who generate money for consumers to use and spend remains a rather unorthodox concept. Combined with high electricity use, the wastefulness of mining cryptocurrency suffers from a lot of criticism. Changing that narrative won’t come easy.