It seems so.
With crypto mining on its way to becoming one of the most energy-intensive and environment-harming activities, it is only a matter of time when crypto mining becomes extinct. Or maybe not.
The problem with the current methods of crypto mining is that they require an immense amount of energy to operate. Most of this energy comes from non-renewable sources such as oil, coal, and gas. The burning (electricity generation process) of these energy resources produces a lot of carbon, which is really bad for the environment.
Another problem is that of the high cost of electricity, which adds to the already high cost of mining hardware and rigs. In fact, the electricity cost is one of the primary reasons behind the reducing profits of the miners.
But, where there’s a problem, there’s (usually) a solution.
There are companies that are working on solutions to make crypto mining more eco-friendly and economical. Renewable energy, which seems to be the only definite solution to most of the industry problems, is now being used by cryptocurrency mining networks around the globe as a green alternative to traditional energy resources for mining.
Let’s try to understand this with the example of the Pieta project.
Pieta.Network is a cloud mining platform, where users get to mine top cryptocurrencies like BTC and ETH without having to invest in hardware or mining rigs. It means you can use the high-performance mining hardware of Pieta to mine your own cryptocurrencies.
But that’s not all.
The Pieta team is developing and will soon start selling special mining contracts, which will operate with solar-based electricity. Yes, you heard it right. Pieta’s mining contracts will give you access to a one-of-its-kind crypto mining platform where solar electricity is the primary source of energy. Since the recurring cost of solar power is much lower than that of traditional electricity, the overall cost of operations will be much lower.
This is why the company will be offering its mining contracts at quite affordable prices with the aim of effectively increase the profitability of the miners.
In addition, the use of solar electricity for mining will help save the environment, for solar is completely friendly to our ecosystem and has no bad impacts on the environment.
Where does this electricity come from?
Pieta is developing its own solar power plants across Africa to produce and provide high-quality electricity at an affordable price. Africa, being rich in natural solar energy, is a good place for setting up solar plants with the ability to produce electricity constantly.
From its solar plants in Africa, Pieta will distribute electricity to its cloud mining networks, where the miners can use it to mine new cryptocurrencies like BTC, ETH and Pieta coin.
How to buy Pieta mining contracts?
The mining contract of Pieta Network will go on sale starting from the last week of September 2019. In order to purchase these contracts or the network hashrate, a user must have Pieta tokens, which you can buy from the website. The price of Pieta mining contracts has not been revealed yet.
There are many other projects working in the direction of making crypto mining affordable and eco-friendly. You can find more about the Pieta project on the website. (https://pieta.network/).