Bitcoin mining has always required a lot of energy to function at a profitable rate. With that thought in mind, many have come to believe that bitcoin mining is an operation that harms the ecosystem. This may have been the case when bitcoin mining devices only had CPUs (Central Processing Units) and GPUs (Graphics Processing Units) to provide hashing power through the speed of their processors. These devices provided not so much hashing power, in exchange for a constant input of power supply. These methods may have been profitable during Bitcoin’s initial walk to the limelight, but the modern version of the ASIC (Application-Specific Integrated Circuits) is the current most profitable choice when it comes to mining Bitcoins.
The ASIC Miners naturally provide over 80 to 150 percent more hashing power than the regular CPU or GPU miner. They do this very precisely while increasing their input demand by close to 50 percent in Watts, all figures are dependent on the mining device you choose to acquire. Since ASIC miners can now execute in days, the amount of functionality a CPU or GPU miner will require weeks to accomplish, ASIC miners have become the most sorted machine for mining Bitcoins. But the rise in the use of ASIC miners has led to an increase in power consumption in several countries. This problem is rapidly being solved by implementing green energy solutions derived from the sun, wind, bi-mass, and several other sources. And with that, the reduction in energy consumption and environmental pollution has been ensured in several locations around the world.
Read on as we discuss key events guiding Bitcoin Mining to become a more eco-friendly and self-sustainable operation for all.
What is bitcoin mining? We at Epic MIning consider Bitcoin MIning as the duty we as members of the Bitcoin Mining community must participate in to help maintain, the circulation of Bitcoins on the blockchain network, and the value of the currency itself.
But more technically, bitcoin mining is an operation carried out by ASIC miners. The ASIC miners that participate in these operations are rewarded with bitcoins. What the ASIC does is hash out blocks of bitcoin transactions that pass through the blockchain network at the time which the ASIC miner is connected to the blockchain network through a mining pool. A mining pool is where multiple ASIC miners dedicate their hashing power to gather enough to acquire a reward from the blockchain network.
With ASIC miners, you can be guaranteed to enjoy a profitable mining experience at a worthy price. Click here to have a look at some of the latest ASIC mining devices in the market.
What is green energy?
Green energy is any energy generated from nature, such as wind, sunlight, or water. There are majorly 5 types; solar energy from the sun, biomass from plants, geothermal energy from the heat within the earth, hydropower from flowing water, and turbine-powered energy from the wind. With the use of any of these sources, a bitcoin mining operation can get powered to the required level while maintaining profitability.
Bitcoin Mining and Green Energy
According to the bitcoin mining council (BMC), almost 60% of bitcoin mining is now sustainable energy. This shows a significant increase in the last 12 months and an equivalent decrease in Bitcoin mining’s Industrial electricity usage by 25%. Sustainable energy is now majorly adopted in the mining industry according to reports from the bitcoin mining council (BMC). The bitcoin mining council consists of 44 bitcoin mining companies representing 50% of the global cryptocurrency network.
The committee estimates that the sustainable energy mix for the global bitcoin mining industry now stands at 58.4%, down 0.1% from the previous quarter. More importantly, this represents a significant increase over the 36.8% renewable energy estimated figures for Q1 2021 last year. Industrial energy consumption has decreased by 23% from 164.9 to 202.1, which equates to a 63% increase in mining efficiency since Q1 2021 compared to last year. BMC claims that bitcoin mining is 5,814% more efficient than it was eight years ago.
Companies Implementing Green Energy when Mining Bitcoins
Green Energy Mining systems (GEM)
They are using their expertise and intensive knowledge of environmentally friendly technology to create and develop relatively low-cost, and environmentally friendly solutions for running big-scale mining operations powered by renewable and natural energy sources such as solar, wind, natural gas and geothermal that utilizes battery storage technology.
Marathon Digital Holdings
This is a digital asset technology company that mines cryptocurrencies. It was founded in 2013, and its key focus as a company is centered on the blockchain ecosystem and the generation of digital assets. They are one of the largest mining companies in North America, and they run on really low energy costs.
HIVE Blockchain technology is a growth-oriented, TSX.V listed company focused on closing the gap between the blockchain sector and traditional capital markets. In countries like Sweden, Iceland, and Canada, HIVE owns state-of-the-art green energy-powered data center facilities, which produce newly minted digital currencies continuously on the cloud.
Countries Implementing Green Energy when Mining Bitcoins
Norway which is now regarded as the home of bitcoin miners is a perfect example of a country that implements green energy for bitcoin mining purposes. Statistics from the Cambridge bitcoin electricity consumption index show that the average annual global power consumption of the bitcoin mining industry was around 15.92 gigawatts (GW). Using this data, Arcane was able to identify 120 megawatts worth of active bitcoin mining coming from Norway alone which is equivalent to 0.75 percent of the total mining hash rate.
According to the Arcane research, Norway generates about 88 percent of its energy requirement from hydroelectric power because of its mountainous terrain and wet weather. Another 10 percent comes from wind energy and the rest is supported by natural gas which is used by its offshore oil operations. This means Norway is ran on 100 percent green energy with no carbon footprint, which makes it a haven for bitcoin miners who are now cautious of the environmental implications of their mining operations.
Since heat is one of the major discharges of a bitcoin mining business, and also an excellent source of energy. Bitcoin miners In Norway have also begun experimenting with waste heat from their mining hubs. Kryptovault for instance, this company which is located in Norway uses its waste heat to dry woods. They then give the woods to a small industry that employs few individuals, hence supporting the local economy and sustaining jobs.
Bitcoin mining with green energy is becoming a norm in today’s mining industry. This shows that most Bitcoin Mining establishments share the government’s concern for environmental pollution while they maintain a profitable venture for clients seeking to start a mining operation of their own. Bitcoin is becoming more safe, eco-friendly, cost-effective, and low-energy demanding as we continue down the bitcoin mining path. An analyst at Global Block, a publicly-trading company, notes “these improvements are appealing to institutions that see the environmental impact as one of the main reasons not to invest in bitcoin “. We at Epic Mining are excited to be part of such an environmentally conscious industry. If you are excited to also venture into this industry and to get started with Bitcoin mining, make sure you schedule a free discovery call with our team.