Bitcoin miningTL;DR Breakdown
- The giant digital asset consumes around 110 Terawatt Hours per year.
- Elon Musk concerns about environmental pollution due to large BTC fuel consumption.
- Flare gas causes less harm to the environment in comparison with fuel energy.
Amid the ongoing crypto debate concerning environmental pollution, Denver-based operation Crusoe Energy might win the attention of green activists as it uses flare gas to mine Bitcoins. Flare gas causes less harm to the environment in comparison with fuel energy.
Reports from market insiders reveal the use of flare gas has reduced the amount of flare gas emitted to the environment by over 50%, the same as removing more than 17K plus cars from the roads.
Crusoe Energy is installing pipes to supply gas to the generators that, in reverse, provide the crypto miners with energy to carry out their operations. OIl companies would burn off the natural gas when finding it accidentally at oil drilling sites, its efforts to one billion cubic feet reduction in flaring.
Crusoe is one of the largest Bitcoin mining companies in North America; the mining company has established many units, including, Colorado where it is based, Montona and Dakota.
Mining with alternative energy sources
Recently, Miami mayor Francis said that the city will provide cheap nuclear energy to be used in mining Bitcoin. Most cities in the US use nuclear energy as an alternative to fuel energy.
Bitcoin mining
The giant digital asset consumes around 110 Terawatt Hours per year. Using fuel energy in
Bitcoin mining is very hazardous to the environment. Last month Tesla’s CEO, Elon Musk, dismissed BTC payment at the company. The influential millionaire raised concerns over environmental degradation.
El Salvador to set a new trend?
El Salvador is certainly an outlier when it comes to making bitcoin legal tender, but perhaps this may not be too far off for other countries. Most other countries at the moment are working on making central bank digital currencies (CBDC) — digitized versions of national currencies that operate on a blockchain.
But at the same time, few countries have outright banned cryptocurrencies, and some have even recognized that cryptocurrencies may have value. Many merchants and businesses, and established investment firms, have tapped into the market, and it may be that the ball has already rolled too far.
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