Criticized for its high energy demand and increased use of fossil fuels in recent years, the bitcoin (BTC) mining industry is stepping up initiatives to be environmentally friendly. According to the energy experts, bitcoin mining better than many economic sectors encourages the development of more efficient renewable energy solutions, and also facilitates the financing of greener energy infrastructure around the world.
Is BTC mining greener already?
According to the latest quarterly report from the Bitcoin Mining Council (BMC), for the year 2021, the growth of more responsible energy use in the mining industry is one of the fastest and most sustainable known of any country or industry large. in the world in recent years. According to a study of more than 46% of BTC’s global mining network, more than 66% of survey participants seem to have integrated green energy into their operational processes.
According to the BMC, the sustainable electricity mix of global bitcoin mining was 58.5% in Q4 2021. This represents a 1% growth compared to Q3 2021. Therefore, green mining is on the rise. And it could continue to grow this year.
That is why during an interview with BloombergAdam Back, CEO of Bitcoin infrastructure development firm Blockstream, said he is confident of that “BTC mining activity will help develop the energy infrastructure of the future”.
Initiatives are growing everywhere
In June 2021, Square and Bitcoin infrastructure company Blockstream partnered to build a solar-powered mining rig for BTC. As part of this partnership, Square will invest $5 million and Blockstream will provide the infrastructure. The company recently raised funding to finance its operations.
One of the most recent examples of energy infrastructure development through mining is the deal signed by Canadian mining company Bitfarms. Agreement to develop 10 MW of hydroelectric power in Paraguay.
In addition to this major effort to develop greener infrastructures for bitcoin (BTC) mining, players in this industry are already adopting responsible behavior regarding the waste phenomenon of the energy produced. In Texas for example, bitcoin miners buy more energy when it is not needed. Then, they close their facilities when demand for traditional consumers explodes.
Stakeholders in the bitcoin industry want to make the bitcoin mining business as green as possible. Efforts are being made in this direction. And it is expected that the growth of investments in this segment will strengthen over the coming years.
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