One of Bitcoin's biggest problems has always been its greed for electricity. At the base of its blockchain there is the validation of the blocks using the Proof of Work technology, i.e. the resolution of complicated algorithms that require more and more power for their resolution, at the end of the process the rewards in BTC are obtained.
Furthermore, in recent years we have been witnessing an exponential increase in power, more and more miners participate in the grid and the demand for energy follows this trend. Bitcoin is hungry for energy and for this reason it has long been pointed out as a non-ecological, polluting technology since in many countries such as China, where miners were concentrated in large part until last year, energy production derives from polluting sources such as coal.
In reality, according to the latest analyzes conducted by the Bitcoin Mining Council, the electricity production that powers mining is significantly migrating towards renewable sources. To date, it is estimated that almost 60% of mining is supported by clean energy, to which is added the avant-garde of hardware capable of producing more and more low-energy calculations. The goal of supporting mining entirely with clean energy is therefore not far off and among some have, with increasingly efficient hardware, in addition to having more performing computing power, the energy required could decrease compared to today's.
In this regard, Elon Musk banned BTC as a payment method for Tesla due to its polluting nature and stated that he would re-introduce the cryptocurrency only when at least 50% of the mining was supported by clean energy. Well, so there you have it!
Very large mining companies are starting construction projects of farms in areas particularly rich in hydroelectric energy, which is particularly abundant and economically advantageous, in addition to its green nature. So the data will certainly improve in the coming months.
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Elon is a market manipulator and globalist. I wouldn't worry about anything he says from one day to the next. Bitcoin uses far less than traditional banking in electrical use so if it were to replace our current banking system we would see a large reduction in emissions.
Christmas lights use more than Bitcoin, not that I'm against Christmas lights but I don't hear anyone calling for the ban of Christmas lights. Don't believe the hype.
Good point.
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If all companies went to use renewable energies as an alternative energy source. Coal, gas, etc., its consumption will decline, and this will result in economic harm to countries, isn't it? Or are there other areas to use it?
That’s indeed the great transition going on. Some will profit more than others, that’s how it always will be.
We will still need gas and oil in the coming decade but less and less than today. Companies and countries better prepare for this Megatrend.
Tesla using cryptos or not is just a matter of marketing and news maniuplation.
I wrote a comprehensive review on the matter here
https://ecency.com/hive-167922/@mikezillo/is-heat-from-mining-farms
And another even more comprehensive here
https://medium.com/@mikezillo/crypto-consumption-e6eff9594331
Be sure to have a look ;)
Bitcoin needs a lot of electricity. For this reason, why not allocate clean renewable energies of all kinds to meet all energy needs in the digital field instead of depleting fossil resources in addition to pollution. Hydroelectric power is good, but I prefer solar energy because it is a permanent source. As for extracting electricity through water, it has its downsides as well.
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Bitcoin doesn't need Tesla, Tesla needs Bitcoin.
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@tipu curate
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