Eco-friendly Mining

This article provides the information on ecological issues arising from mining and shows software-level solutions. Moreover, it represents some mining companies that use alternative energy resources to power their mining equipment.

The environmental impact of mining activities is a key issue concerning the industry. However, it can be reduced and become environmentally sustainable by developing and integrating special practices. Green mining is taking up pace as more mining companies choose eco-friendly alternatives.

In recent years cryptocurrencies became widely popular. Despite a dramatic plunge in January 2018, Bitcoin continues to progress both in adoption and application. This means that mining now is more competitive than ever. Long gone are the days of small-time mining.

Mining Bitcoin, Ethereum and a number of other major cryptocurrencies have reached industrial scale. Companies pour hundreds of thousands of dollars into mining equipment, and the industry shows no signs of slowing down. However, Proof-of-Work remains to be the dominant mining algorithm, which raises many concerns in regards to the sustainability of such systems.

Ecological concerns

According to a widely cited website, in July 2018 Bitcoin’s annual energy consumption has reached 72 TWh, which is comparable to that of Austria’s. A single bitcoin transaction expends 936 KWh. To put this into perspective, a dishwasher consumes 288 KWh in a year. And as the difficulty of mining grows, ecological issues arising from mining are only becoming ever more urgent.

Software-level solutions

Concerned with this problem, many developers propose alternative, less power-hungry mining algorithms, such as Proof-of-Stake, -Authority, -Capacity, and so on. However, their implementation has yet to take off. Such sophisticated systems require a good deal of computer engineering that must combine elements of game theory, economics, and cryptography in such a way that make a system truly decentralized, fair, and secure.

Hydro-mining

And while the development of such algorithms is well on its way, some companies decided to take another approach to this problem. HydroMiner is the first mining company that uses the energy of water to power its mining equipment. Unlike coal and other fossil fuels, water is a renewable source of energy, which makes for an eco-friendly mining method. On top of that, water is also great when it comes to cooling the mining equipment, which produces a lot of heat in operation.

Hydrominer may be the first project to utilize water-generated power in mining but it is not the only one. A Georgian mining startup, Golden Fleece, set up its mining farm on the coast of the Black Sea. To power their farm, they use cheap electricity generated by water flowing from the nearby Caucasus Mountains. In light of hydro-mining trend, Hydro-Quebec, a green-energy utility company that supplies electricity for Canadian Quebec, turned to mining community to offer their services. The company says that more and more Quebecers install solar panels, which leaves much of the power, generated by the company, unused. Hydro-Quebec is looking to attract mining companies offering extremely low prices compared to Canada’s average.

Solar energy

Speaking of solar panels, an Irish crypto-entrepreneur, Joseph Deignan, is now trying his luck in green mining. Mr Deignan’s solar-panel company now seeks to promote solar power in mining. He applied for a DLT license in Gibraltar, one of the first countries to introduce distributed-ledger regulations, and wants to have his headquarters in Gibraltar.

We are always on the look-out for innovatory paths and the solar industry has slowed down slightly so when looking for new adventures and opportunities we discovered the world of cryptocurrency and the emerging problem of the spiraling energy use.

Joseph Deignan, an Irish crypto-entrepreneur

However, do not think for a moment that these issues should not concern you, as a small individual miner. There are a lot of guides and Youtube videos that will help you set up solar panels for your rig. Such a rig will keep your environmental consciousness clean and will let you save up on electricity.

Bitcoin

BTC
Price
8,744 USD 1.84%
Volume, 24h
3,497,717,274 USD
0.00%
Marketcap
153,922,072,217 USD
56%
Emission
84%

Related news

Sunday Blast! Bitcoin Price Surges Past $9300 Levels to Make a New High for 2019

Coinspeaker Sunday Blast! Bitcoin Price Surges Past $9300 Levels to Make a New High for 2019On Sunday, June 16, the Bitcoin bulls raged-in again as the world’s largest cryptocurrency surged past $9000 levels making a new high for the year. At the press time, Bitcoin (BTC) is trading at a price of $9219 with a market cap of $163 billion. As per CoinMarket, Bitcoin 24-hour trading volumes have moved past $23 billion.The Bitcoin rally started in April 2019 and since then Bitcoin has been constantly on the upward trajectory. While there have been healthy corrections in between, the bulls have kept the momentum going. Bitcoin (BTC) currently dominates 57% of the overall cryptocurrency market cap.Opinions By Crypto Experts and AnalystsCrypto experts and analysts have given different targets for Bitcoin this year. Speaking about the potential drivers for the Sunday rally, analysts have different assertions and reasons behind.Facebook’s Project Libra is likely to launch this week. Experts in the past have predicted that the arrival of Facebook’s native cryptocurrency GlobalCoin will act as a catalyst for Bitcoin. Barry Silbert, the founder of Digital currency Group tweeted about the same last Friday. He stated that Facebook’s GlobalCoin launch can considerably boost crypto adoption.The launch of Facebook's cryptocurrency will go down in history as THE catalyst that propelled digital assets (including bitcoin) to mass global consumer adoption. Will be remembered as just as important — and transformative — as the launch of the Netscape browserBuckle up— Barry Silbert (@barrysilbert) June 14, 2019 Chris Burniske, a partner at New York-based venture capitalist firm, Placeholder, thinks that Bitcoin acts as a hedge to the dropping Chinese Yuan price. Burniske expressed his views on Twitter in a series of tweets this Saturday, June 15.8/ Furthermore, the US's trade war with China, China's tightening of capital controls to limit funds fleeing the country, and a weakening yuan all added fuel to $BTC’s fire.— Chris Burniske (@cburniske) June 15, 20199/ Interestingly then, we have #bitcoin satiating appetite for risk in the West and much of the world, while simultaneously serving as a risk-off hedge in China.— Chris Burniske (@cburniske) June 15, 2019Bitcoin Has Over 1 Million Active AddressesIn yet another important milestone, Bitcoin has managed to cross 1 million active addresses last Saturday, June 15. It is for the second time that bitcoin has achieved this landmark, the first being in November 2017. The data from CoinMetrics notes that there are over a million daily active addresses (DAA) that are currently using Bitcoins.With one million addresses, it indicates that the Bitcoin adoption is significantly on the boost. Cryptocurrency analyst Kevin Rooke was the first to point out about this newly attained milestone. He spotted it when Bitcoin was trading around $9300 price yesterday with an average transaction fee of $3.23."nOboDY uSeS BiTcOin"🚀🚀🚀 pic.twitter.com/JvMaBtu0jL— Kevin Rooke (@kerooke) June 15, 2019On the other hand, data from Blockchain.com suggests that the Bitcoin network hash rate has crossed 62 quadrillion hashes per second last Friday, June 14. The “hash rate” metrics indicates the miner’s performance and indicates the speed at which Bitcoin miners add new blocks to the network.Moreover, in a recently published op-ed piece by Bloomberg analyst Aaron Brown predicts that Bitcoin rally could be fuelled by the increasing strength of its fundamentals along with other global finance events.Brown states that the boom and the bust action for Bitcoin price won’t stop immediately. Moreover, Brown is bullish to the extent that if Bitcoin price action mirrors the bull run of 2017, it can go even as high anywhere between $60,000 to $400,000 followed by a sharp decline.Sunday Blast! Bitcoin Price Surges Past $9300 Levels to Make a New High for 2019
Coinspeaker

Bitcoin breaching its 200-day MA was the ‘trigger’ that precipitated recent bull run, claims Fundstrat’s Thomas Lee

Bitcoin [BTC], now reinvigorated and recharged, once again affirmed its position as the king of the cryptocurrency market by climbing out of the price swap and into the bullish heaven of $9,000. After days of sluggish movement, the bullish swing towards the end of the previous week not only broke the ceiling, but several ceilings above it. With the market and the market leader, Bitcoin, now on a 13-month price high, it does pay dividends to look back and mull over the coin’s rise. The bull run was initiated on April 2, when the price saw a 17 percent daily gain and surged over $5,000. Since that unprecedented high, the market has broken multiple psychological and resistance levels on the back of several announcements relating to adoption and distribution implementations. While there seems to be no concrete trigger for this price surge, a prominent analyst in the space suggested that the happening of a key technical event may have buoyed the BTC market and pushed it onto a positive price path. Fundstrat’s Head of Research, Thomas Lee, opined in a recent tweet that the “trigger,” albeit from a price chart point of view, was the 200-day moving average being overtaken. Lee added that given the rapidity of the price rise, the only strategy that makes sense was going and staying “long,” as traders who have been shorting Bitcoin are facing stiff losses over the past few months. Source: Trading View His tweet read, Bitcoin has acted very differently since it crossed above its 200D mavg (early April). Since then, the best strategy has been to stay long. #Hodl — Thomas Lee (@fundstrat) June 17, 2019 The weekend prior to the BTC price rally on April 2, several analysts had suggested that a breakout over this range would signal a commendable push upwards. In retrospect, “commendable” is a stark understatement and does no justice to the scale of the price rise. The 200-day MA was placed at $4,623, as Bitcoin was trading under $4,100 and as the bulls struck the market, the moving average was broken, alongside the resistance of $4,200. Within hours of these two levels being left in BTC’s wake, $5,000 was passed. According to Lee, this 200MA breach indicated a BTC breakout, one that has not only failed to slow down, but looks to get stronger with every passing week. Bitcoin was not satisfied with the passing of the 200-day MA however, and less than 20 days after the monumental event, another important mark was surpassed. On April 22, the cryptocurrency entered its “Golden Cross,” after the 50-day MA overtook the 200-day MA. According to many analysts, this was the final nail in the coffin for the “crypto-winter,” with only spring on the horizon. The post Bitcoin breaching its 200-day MA was the ‘trigger’ that precipitated recent bull run, claims Fundstrat’s Thomas Lee appeared first on AMBCrypto.
AMBCrypto

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.