{"id":305641,"date":"2021-07-22T19:01:30","date_gmt":"2021-07-22T16:01:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/a-green-revolution-in-crypto-mining-industry-answers-wake-up-call\/"},"modified":"2021-07-22T19:01:30","modified_gmt":"2021-07-22T16:01:30","slug":"a-green-revolution-in-crypto-mining-industry-answers-wake-up-call","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/a-green-revolution-in-crypto-mining-industry-answers-wake-up-call\/","title":{"rendered":"# A green revolution in crypto mining? Industry answers wake-up call"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40978b431b7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40978b431b7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/a-green-revolution-in-crypto-mining-industry-answers-wake-up-call\/#Is_green_the_only_way_out\" >Is green the only way out?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/a-green-revolution-in-crypto-mining-industry-answers-wake-up-call\/#Could_renewable_energy_actually_be_cheaper\" >Could renewable energy actually be cheaper?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/a-green-revolution-in-crypto-mining-industry-answers-wake-up-call\/#Is_nuclear_energy_an_option_worth_considering\" >Is nuclear energy an option worth considering?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/a-green-revolution-in-crypto-mining-industry-answers-wake-up-call\/#Miners_of_the_future\" >Miners of the future<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># A green revolution in crypto mining? Industry answers wake-up call <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvZDVhZjIyNzctMjFmZS00ZWRlLTgzZjYtY2NhNWZhNDg2ZDkzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>After having been hailed as a champion of sorts by many within the global digital asset market, Tesla CEO Elon Musk dropped a bombshell on the crypto community earlier in May, backtracking the company\u2019s decision to start accepting Bitcoin (BTC) as a means of payment for various automotive sales. The reason cited was that Bitcoin mining processes were too resource-intensive and unsustainable in the long run.<\/p>\n<p>As expected, almost overnight Musk became a heel, especially among Bitcoin maximalists who began calling him a sell-out and a market manipulator. Regardless of the name-calling, the episode did seem to shine a major spotlight on the energy consumption aspect of the crypto mining industry. This is best highlighted by the fact that recently, an increasing number of crypto companies have publicly announced their moves toward the use of greener energy alternatives.<\/p>\n<p>Earlier this month, publicly traded North American Bitcoin mining company Bitfarms revealed that it had been <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2021\/07\/14\/2262619\/0\/en\/Bitfarms-Provides-Bitcoin-Production-Update.html\">successful<\/a> in its efforts to power nearly 1.5% of the Bitcoin network using 99% clean energy. Not only that, even the concept of carbon-neutral exchange-traded funds (ETFs) is quickly gaining traction globally, with many major investment management firms, including Toronto-based Ninepoint Partners LP, already taking steps to ensure exactly this. <\/p>\n<p>Lastly, BitMEX, a crypto derivatives trading platform, also recently announced its decision to go carbon neutral, while Marathon Digital Holdings, a United States-based Bitcoin mining firm, hopes to achieve its target of 70% carbon neutrality in the near future. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_green_the_only_way_out\"><\/span>Is green the only way out?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>To get a better sense of whether the mining industry is actually moving toward a greener direction, Cointelegraph reached out to Sam V. Tabar, chief strategy officer for Nasdaq-listed Bitcoin miner Bit Digital and former head of capital strategy for Bank of America Merrill Lynch. In his view, the \u201cswitch to green\u201d is already h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening rapidly across the global mining landscape, adding:<\/p>\n<blockquote><p>\u201cMany miners have been actively striving for sustainable energy practices, especially publicly listed miners who wish to maximize their returns for shareholders and stakeholders. We believe this is an integral approach to improving our sustainable practices and mitigating our environmental impact.\u201d<\/p><\/blockquote>\n<p>When asked about his own company\u2019s sustainability efforts, Tabar highlighted that despite powering nearly 2% of the global Bitcoin network, a vast majority of Bit Digital\u2019s energy comes from carbon-neutral sources such as hydroelectricity, solar energy and other wind-based technologies.<\/p>\n<p>Additionally, he further highlighted that as the industry heads into an increasingly digitized future, more and more firm\u2019s will enlist the services of well known independent Environmental, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> and Governance (ESG) consultants to self-monitor, set targets, provide transparency and help improve their percentage of green electricity and other sustainability initiatives. <\/p>\n<p>He added: \u201cWe are currently working with independent ESG consultant APEX. By measuring our sustainability and mining footprint, we\u2019re able to develop targets to continuously improve as we continuously shift towards 100% clean energy.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Could_renewable_energy_actually_be_cheaper\"><\/span>Could renewable energy actually be cheaper?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Providing his take on the renewable vs fossil fuel debate, Matt Hawkins, CEO of multi-algorithm CPU and GPU miner Cudo, told Cointelegraph that behind the scenes, several major players operating within this space have already started to transition to the use of renewable energy, something that he believes is a positive step forward for the crypto industry as a whole. He further added:<\/p>\n<blockquote><p>\u201cThe reality is, in many cases, that renewable energy is cheaper and therefore more attractive to mining farms, provided that there is stability to this power source that is unaffected by seasonal fluctuations, such as the dry season in China, where mining farms previously moved operations to fossil fuel-powered facilities during the dry season.\u201d <\/p><\/blockquote>\n<p>Staying on the subject of China, Hawkins opined that the ongoing migration of hashing power out of the country should be viewed as a big positive, especially when it comes to the decentralization of the Bitcoin network. Tabar further believes that the ban on cryptocurrency-related activities has been a blessing in disguise for United States miners who have been seeking innovative ways to find clean energy in the United States.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_nuclear_energy_an_option_worth_considering\"><\/span>Is nuclear energy an option worth considering?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While a lot of talk surrounding renewable energy continues to circle around solar and wind primarily, North American mining and hosting firm Compass Mining announced that it had gone ahead and signed a 20-year deal with nuclear fission startup Oklo, providing the mining farm with 150 megawatts of energy once its mini-reactors are deployed within the next two to three years.<\/p>\n<p>Also, according to data released by the U.S. Energy Information Administration, nuclear reactors do not contribute to any type of air pollution when in operation. In this regard, Compass CEO Whit Gibbs believes that once his company switches to nuclear power, the cost of mining for his firm will drop \u201cconsiderably.\u201d Not only that, but Compass is also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/bitcoin-mining-firm-compass-inks-deal-with-nuclear-microreactor-company-oklo-2021-07-14\">discussing<\/a> with the crypto-friendly city of Miami about getting power from the Florida-based Turkey Point Nuclear Plant.<\/p>\n<p>On the matter of nuclear energy being explored by more mining farms in the future, Hawkins reiterated his belief that it \u201call comes down to cost efficiency,\u201d adding that when the market is buoyant and bullish, Bitcoin mining is profitable across most regions, irrespective of the power costs incurred. He added:<\/p>\n<blockquote><p>\u201cMining is a very intensive process and consumes an enormous amount of energy. Thus, the more clean and green sources of energy that can be consumed by mining farms, the better for the industry and our planet. The caveat here is making sure you are not simply pulling renewable energy away from towns and cities to power Bitcoin operations.\u201d<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"Miners_of_the_future\"><\/span>Miners of the future <span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Earlier this month, Bitcoin experienced its largest difficulty drop in its decade-old existence after China decided to issue a blanket ban on its mining industry. Following this decision, BTCs difficulty ratio dramatically <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchain.com\/charts\/difficulty\">tumbled<\/a> to 45%, resulting in many mining farms being able to produce higher quantities of BTC at a lower cost per unit.<\/p>\n<p>Ever since the ban, the move towards long-term sustainability has been extremely swift, with Musk recently hinting that the crypto industry may be on its way toward a greener future despite not rolling back Tesla\u2019s decision to start accepting Bitcoin payments. Not only that, even recent data by the Cambridge Centre for Alternative Finance suggests that there has been a decline in the amount of energy used to mine BTC.<\/p>\n<p>Therefore, time will tell how the future of the Bitcoin mining industry plays out from here on out, especially as more and more miners start to migrate to various crypto-friendly nations \u2014 such as those located in the Nordic countries or Central Asia \u2014 where there is a relative abundance of renewable energy.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/a-green-revolution-in-crypto-mining-industry-answers-wake-up-call\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# A green revolution in crypto mining? Industry answers wake-up call &#8221; After having been hailed as a champion of sorts by many within the global digital asset market, Tesla CEO Elon Musk dropped a bombshell on the crypto community earlier in May, backtracking the company\u2019s decision to start accepting Bitcoin (BTC) as a means&#8230;<\/p>\n","protected":false},"author":1,"featured_media":305642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvZDVhZjIyNzctMjFmZS00ZWRlLTgzZjYtY2NhNWZhNDg2ZDkzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75042,10595,4965],"class_list":["post-305641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mining","tag-environment","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/305641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=305641"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/305641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/305642"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=305641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=305641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=305641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}