You must have heard about the rising energy demands of the crypto mining industry, in fact, it happens to be one of the most energy-intense activities, consuming about as much electricity as required by Ireland in a year.
Does that mean we should be worried about the future of crypto mining or should we stop mining cryptocurrencies? No.
It’s true that crypto mining requires a lot of power, to fulfill its three basic needs – immutability, consensus, and proof of work in a blockchain. But, it’s also true that the energy consumed in this industry is being used to revolutionize the future of digital money, and that’s a very important point to consider.
The increasing amount of electricity consumed in the mining of bitcoins and other cryptocurrencies has definitely created a do-or-die situation for the miners, where they are sometimes even forced to sell their profits (cryptos) in order to pay for the electricity cost. But still, I would say that energy will not be a very big problem in the future of cryptocurrency mining. Here’s why.
Crypto mining is independent of location
One of the core benefits of the crypto mining industry is its flexibility in terms of location. Being completely digital, crypto mining operations can be run from anywhere in the world, and the setup can be established anywhere in the world. This gives mining companies the ability to deploy their business anywhere with proper access to electricity. Then, they only need a working internet connection to connect with the miners and conduct business.
This means, places with a large pool of natural energy, like solar and wind, will be the best options for mining companies and miners to run their operations.
Energy consumption is bad only if it’s non-renewable
As of now, most of the crypto mining networks out there use non-renewable energy sources like fuel and coal to power their mining operations. But, that’s not going to work in the long term, as these energy options are both costly and detrimental to the environment.
However, if we could replace these with renewable energy sources like solar, wind, and hydropower, we will not only reduce the energy cost but also the activity more friendly to our ecosystem.
Pieta ecosystem, for example, is trying to reduce the carbon footprint of crypto mining through its energy-efficient, cloud-based crypto mining operations, which will run through the solar electricity produced at Pieta’s solar plants in Africa.
To sum up, the use of renewable energy sources for the mining of cryptocurrencies seems like the most definite and only feasible solution to reduce the energy cost and consumption in the mining process. It will ensure that crypto mining remains profitable and friendly to the environment for years to come. And this is why renewable energy is the most probable solution to the energy cost of crypto mining.
To know more about the future plans and scope of Pieta or to invest in the ICO sale, please visit: Pieta Network