The Story around Bitcoin Energy Use
You may not know much about other cryptocurrencies but be aware that Bitcoin has to be mined.
In the 'mining' context, special equipment tuned to solve complex mathematical problems purposely is deployed in exchange for network rewards.
We have discussed more about hash rateand other Bitcoin mining-related subjects before.
Critics of Bitcoin and its consensus algorithm argue that mining is unsustainable. In the end, they maintain, Bitcoin's energy inefficiency will make earth inhabitable.
Referring to various trackers, they claim that the Bitcoin network is actively helping revive the use of fossil fuels as cheap energy sources, harming the environment.
They, nonetheless, support the idea cryptocurrencies stand for and are optimistic that the sphere will, after all, have a promising future.
For the environmental impact, Tesla, in early May 2021, said it wouldn't accept BTC as payment.
However, it won't be selling BTC in its balance sheet.
Contrary statistics, nonetheless, reveals that Bitcoin miners care about the environment and want to mine new Bitcoin sustainably.
Recent data show that 75 percent of all BTC are mined by farms using green, renewable energy.
At this rate, Bitcoin mining is more renewables-driven than almost every other large-scale operation in the world.
And it makes sense.
Dirt energy like coal and oil-fired furnaces can't compete with the rates offered by renewables like hydroelectric plants, where rates per kilowatts can be as low as two cents.
What's more? Most Bitcoin miners are profit-driven. Their number will decrease over time as the incentives to mine will be lower than it is now.