Mining bitcoin is now powered by renewable energy sources, in line with traditional financial institutions’ and industries’ efforts to reduce their carbon footprints.
Computers must process complex algorithms in order to mine cryptocurrency, which requires a lot of power and resources.
According to sources, bitcoin mining now consumes more than 60 times the amount of power it did just six years ago, and carbon emissions may be more strictly regulated in the future.
Traditional electricity theft is also on the rise in “mining” countries such as the United Kingdom, especially since the price of bitcoin skyrocketed earlier this year.
In Malaysia, police used a steamroller to destroy over 1000 bitcoin mining rigs earlier this month after the miners allegedly stole nearly $2 million in electricity to power the machines.
Furthermore, China has tightened its regulations, forcing some bitcoin miners to look for work elsewhere.
Even with these safeguards, Chinese cryptocurrency mining emissions are not expected to peak until 2024, according to a study published in Nature Communications.
Something is changing in travel today, whether it’s a desire to be less bothered by host governments or a genuine desire to be more environmentally friendly. According to Jesse Morris, CEO of the non-profit organisation Energy Web, renewable energy currently powers 20 to 50 percent of bitcoin.
According to one report, Iceland is a pioneer in green bitcoin mining, accounting for 8% of all bitcoins mined. Almost all of Iceland’s electricity is generated by hydroelectric and geothermal power plants.
There is no issue as long as miners do not steal renewable energy on a regular basis.
Bitcoin’s price has risen back above US$30,000 in the last week after Tesla founder Elon Musk stated that the electric vehicle company would most likely resume accepting bitcoin as payment.
Elon Musk, CEO of Tesla, wants to reverse a decision he made two months ago due to the environmental impact of cryptocurrency mining, which consumes a lot of fossil fuels to operate.
As a result, Musk stated that he wanted to confirm that Tesla’s renewable energy usage is at or above 50%, and that it is trending upward