Christian Ander, the Swedish founder of BTCX, and current leader of Altpocket, a platform which gamifies cryptocurrency investing and tracking, claims he is now using solar panels to reduce his crypto mining costs significantly.
Of the many criticisms that are levelled at Bitcoin and other cryptocurrencies, the negative impact that they have on the environment is one of the tougher ones to dismiss.
The process of mining cryptocurrencies that are based on a Proof-of-Work system consumes a huge amount of energy and according to recent estimates, Bitcoin miners alone use around 61.5 TWh of electricity per year. This is roughly the same annual usage as the entire nation of Switzerland, or enough to power around 5.6 million homes in the U.S.
#Bitcoin‘s average #energy consumption per transaction is now 415 KWh. That’s as much as 250,000 VISA transactions, or two weeks(!!!) of electricity for an average US household. https://t.co/3rbPhSikdD #MakeBitcoinSustainable pic.twitter.com/M5JvlzAsjE
— Digiconomist (@DigiEconomist) January 24, 2018
However, solar energy might just be the solution to the ever mounting electricity costs that Bitocin and other cryptocurrency miners face on a daily basis.
Christian Ander, the Swedish founder of BTCX, took to Reddit where he claimed that Bitcoin mining had forced him to turn to solar energy, as a more sustainable power source.
‘Bitcoin mining is forcing me to go solar power. I just installed solar panels to run my miners during the day. Not only does my house get heated but I cut the mining cost by 75%. Why? It’s not just the cheapest form of energy, but I get rid of the grid-transfer cost and tax (=75%!).’
Bitcoin mining is forcing me to go solar power. I just installed solar panels to run my miners during the day. Not only does my house get heated but I cut the mining cost by 75%. Why? It’s not just the cheapest form of energy, but I get rid of the grid-transfer cost and tax (=75%!) from r/Bitcoin
The swedish founder of BTCX, however, is not alone in this ‘green’ endevor.
Northern Bitcoin, for example, began mining their Bitcoin and other cryptocurrencies deep within an old Norwegian metal mine. The company claims that the move has had a significant impact on cutting the price and energy costs of their crypto mining operations.
Another company, Iberdrola, a Spanish public electrical utility company based in Bilbao, Basque Country, announced that they will be turning to blockchain technology to guarantee that the energy supplied to the consumer is 100% renewable.
‘Technology for a better world!’, they say. ‘We use blockchain to ensure that the energy that arrives at your home is renewable’.
Pilot projects for ‘green’ community energy and peer-to-peer have already been successfully run by the Brooklyn Microgrid in New York , PowerLedger in Australia, Conjoule in Germany and many more.
Renewable energy sources are gaining traction and it is just a matter of time before we all will benefit from them. This includes Bitcoin miners!
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