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Cryptocurrency – harm or good for the environment

Accusations that mining is harmful to the environment have not decreased. Cryptocurrency mining requires a huge amount of electricity. The consumption, in this case, is easily comparable to the energy consumption of entire countries. The network can consume as many resources as the annual power consumption of the Netherlands or Kazakhstan. In China, where the mining farms are concentrated, most of the energy is derived from coal-fired power plants. Experts believe that bitcoin mining is very damaging to nature. That is why this topic deserves special attention.

Is it so profitable to mine cryptocurrency if the energy costs are higher compared to the earnings? Many miners move to the United States, Canada, Russia, and Scandinavian countries, where the cold climate gives an opportunity to lower the cost of mining. That is how the desire to earn more money led to the need to find other methods of solving the problem – the development of «green mining». For more information about this you can visit https://cryptex.net/blog/. Here you will find quite a few interesting articles on other topics as well.

Types of “green” cryptocurrency mining

The principles of green mining are based on the use of resources that can be renewed. This can include the use of wind, solar, and water energy. Bitcoin mining is guaranteed to generate excess heat, which can be detrimental to nature. The fear of scientists that mining can affect the increase in the temperature of the Earth by 2 degrees is justified.

To reduce the destructive impact of mining on the planet’s ecosystem, alternative sources of electricity can and should be used: wind turbines, solar panels, hydroelectric power plants, geothermal power plants. Miners are moving to regions where environmentally friendly ways of producing electricity are available. Hydropower has developed thanks to mining in Sichuan province, where half of the world’s cryptocurrency production is extracted. Hydro mining is now highlighted as a separate method of coin mining.

World experience

Canada. The province of Quebec has an average annual temperature of 5 degrees Celsius. Of course, the price and costs for heating and water heating are quite high. The Hermine company experimentally connected an ASIC farm to a greenhouse, where strawberries are grown. As a result, the cost of heating the greenhouse was reduced by almost 90%. Now the company plans to develop a project of heating houses with heat from ASIC farms.

Also in Canada, they use surplus heat by heating water for fish breeding. And in the ghost town of Ocean Falls, the miners have created an eco-friendly center. They mine coins using hydropower.

Iceland. The most famous mining farm uses geothermal resources. In 2018, the growing number of miners almost led the country to an energy collapse. The miners were consuming more energy than the state’s residents. In this case, they developed a system of energy consumption using artificial intelligence.

The same year, 2017, was the beginning of experimental bitcoin mining from other energy sources. In the small town of Cazuno, electricity is generated by a hydroelectric power plant, wind turbines and a geothermal plant. Here the mining farm operates on clean “green” energy.

China. Stimulates the creation and promotion of green power mining projects. The province of Sichuan, which is tacitly considered the bitcoin capital of China, gets its electricity from downpours, which can generate nearly a hundred gigawatts of energy.

The United Kingdom. EcoHashes is a bitcoin mining project working to make all mining economical, profitable, and environmentally friendly. To do this, the project uses wind, solar, and water methods of energy extraction. The latest systems for mining combined with these methods produce excellent results.

With so many countries around the world taking this approach to electricity production, green mining has a great chance of making a huge difference. As technology advances, there are more and more ways to make a profit.

If you want to try your hand at mining too, you should first get the most knowledge in the field. To do this, there are quite a few good sources that provide up-to-date materials that will help you develop in the right direction. You should not be in a hurry in this business. It is necessary to think over every step. Only in this case, it will be possible to make a profit. So it is better to spend extra time to immerse yourself in the topic and study all the intricacies of making money, so you can be better prepared. Otherwise, you can lose your finances, rather than multiply them. And be sure to follow the news in this area, so you won’t miss anything.

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