While blockchain mining may seem all lucrative and profitable on the outside, it has its own problems. One of the major issues with traditional blockchain mining process is high electricity consumption.
The mining of cryptocurrencies requires a sophisticated hardware along with a continuous power source. The high energy cost of mining greatly limits its profitability. Therefore, there is a timely need of clean energy sources that can provide a cost-effective alternative to blockchain miners. In this article, we will discuss top five clean energy sources that can be used for blockchain mining.
The benefit with solar energy is that it is already being widely used around the world. It has already proven itself to be one of the most affordable forms of renewable energies. Its use in blockchain mining can effectively increase the production rate while reducing the cost.
Geothermal energy refers to the energy drawn from the heat stored in the Earth. This type of energy is unlimited and has almost no adverse impact on the environment. However, the production cost is quite high which makes Geothermal an expensive energy option.
Not many people are aware that the waste produced from our daily activities is also a big source of renewable energy. Waste energy is created by heating (thermal) or breaking down (non-thermal) organic waste.
As the name suggests, this type of energy is produced from tidal waves in the sea. The kinetic energy in tidal waves is used to generate electricity. This is a good renewable energy source with huge potential but the high implementation cost and lack of suitable locations has so far limited its widespread adoption.
Hydro energy is one of the traditional forms of renewable energy. It works on the concept of turning the mechanical energy of water flow into electrical energy. So, what’s the catch? Well, the problem with hydropower is its adverse impact on the environment, natural water bodies and wildlife.
Solar energy seems the most viable option because of its readily availability, no harmful effects and low production cost. Thankfully, there is a project working on this particular concept of enabling the use of solar energy in blockchain mining and several other industries. Pieta Network is the world’s first project that aims to enhance business opportunities for the solar energy by expanding its applications in developing sectors such as blockchain mining. It is powered by Pieta token which is an x20 algorithm based ecosystem cryptocurrency.
Pieta utilizes the X20 Algorithm to enable easy and cost-effective mining of top tokens even without any technical knowledge and at a relatively lower consumption of power. What the algorithm does is it increases the mining (verification and block addition) speed by 20 times by using 20 different rounds of hashes, which increases the output while reducing the power consumption. This added with cost-effective solar energy can do wonders for the future of blockchain mining.