Criticized for its high energy demand and its increased use of fossil fuels in recent years, the bitcoin (BTC) mining industry is stepping up initiatives to become environmentally friendly. According to 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 already greener?
According to the latest quarterly report from the Bitcoin Mining Council (BMC), for the year 2021, the growth in the use of more responsible energy in the mining industry is one of the fastest and most sustainable known by n’ any major country or industry in the world in recent years. According to a study of more than 46% of the global BTC mining network, it appears that more than 66% of survey participants have integrated green energy into their operational processes.
According to the BMC, the sustainable electric mix of global bitcoin mining was 58.5% in Q4 2021. This shows a growth of 1% compared to Q3 2021. Therefore, green mining is on the rise . And it could continue to grow this year.
This is why during an interview with BloombergAdam Back, CEO of Bitcoin infrastructure development firm Blockstream, said he is fully confident that “BTC mining activity will help develop the energy infrastructure of the future”.
Initiatives that are springing up 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 while Blockstream will provide the infrastructure. The company recently raised funding to fund its operations.
One of the latest examples of energy infrastructure development through mining is the deal signed by Canadian mining company Bitfarms. An 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 with regard to the phenomenon of waste of the energy produced. In Texas for example, bitcoin miners buy excess energy when it is not needed. Then, they close their facilities when demand explodes for traditional consumers.
Stakeholders in the bitcoin industry want to make the bitcoin mining business as green as possible. Efforts are being made in this direction. And the growth of investments in this segment is expected to strengthen over the next few years.
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