Bitcoin mining is a bit controversial topic, to be honest. As its high electricity consumption causing repeated problems for both miners and the providers, as governments thinking they need to act and do something in order to stabilize the issue.
So far, we can give you a lot of reports stating Bitcoin mining will accelerate the end of the world but also there are other reports simply claiming these quotes are written by just a bit hype and everything will be okay.
Apart from that, there are a lot of people who are thinking about the future of Bitcoin and cryptocurrency mining and one of the options is the use of clean energy. But this quite a challenge because if you want to solve electricity-hungry approach of Bitcoin mining, then you need to come up with something different.
This high electricity consumption has forced Canadian city Quebec to hike the prices for cryptocurrency mining firms and it is quite an interesting move considering Quebec was ready to welcome miners after their initial problems with China. We can safely say that all the cryptocurrency industry needs to find a new solution to lift the mining sector, which was subjected to a criticism for the variety of reasons lately.
Currently, countries like Australia is home to innovative Bitcoin mining ventures. Named as Hunter Energy and IOT Group, the pair exploring new ways to mine cryptocurrencies and they are eager to find low-cost electricity options. Both sides have come to an agreement to create the much-needed electricity from waste, and therefore to reduce to costs. Sounds interesting.
Turning waste into an energy has been tried before but it’s not an entirely common way to generate energy for sure. Also, the pair is currently working on the use of renewable energy options on a global scale. This is also quite interesting because if we remember that bitcoin was built to become the global money, then raising energy globally to make the mining of it, sounds pretty good on the paper.
This theory can be achieved by using a mobile data centre which can be plugged into power plants all around the world, and it’s safe to say that theory certainly drawed interest from the investors.
If someone can manage to find a way to turn Bitcoin into a more eco-friendly business and process, then we will likely to solve one of the biggest issues around the industry. With some kind of novel approach required to do so, it’s refreshing to see that people actually working on potential solutions to scale things even better.
But also, the approach from the society towards Bitcoin mining has to be changed in order to make this change successful enough. Because the people seeing this business is a threat to their electricity usage. If we can manage to solve this, probably this approach will also change. Let’s see what the future holds…