In the current climate crisis, all industries are going the extra mile to future-proof their operations. Cryptocurrencies are no exception to this rule, as their existence as an alternative, even revolutionary, means of payment requires them to adapt. However, especially in the case of mining requiring proof of work protocol-based Bitcoin, there is a lot to catch up on to get to a more sustainable level.
But what are the actions to secure Bitcoin’s number-one place against its more sustainable rivals? There are some specific areas where this cryptocurrency can significantly improve to be at the top of its game.
Renewable energy usage by BTC miners
Mining is an energy-draining process, and there is no denying this. For this reason, many alternative coins have opted for more energy-sensible consensus protocols. However, this has not been an option for Bitcoin due to its strive for top-notch security. If the energy consumption persists, the eyes have to be on renewable energy sources to power the mining process more sustainably. Thus, many bitcoin miners are already powered by solar, wind, and hydroelectric power.
Bitcoin mining efficiency
Despite Bitcoin being loyal to its PoW protocol, many things can be done by stakeholders to cut down its energy consumption to improve its efficiency. This requires fine-tuning the mining hardware and optimizing the mining facilities’ operating conditions. As technology improves, so does mining efficiency.
Research and development of Bitcoin mining technologies
Keeping BTC up to date is a highly intertwined process that requires optimization on many fronts. Research is critical in identifying the areas that can be improved. Studying sustainable mining technologies and possible improvements of the blockchain are needed constantly to keep BTC at the top.
Carbon offsetting
Some bitcoin mining projects view carbon emission compensation as part of their strategy to reach sustainability goals. In the big picture, investing in projects reducing the carbon from the atmosphere can help a mining company address its overall environmental impacts, among all other things.
Little streams make big Bitcoin rivers
It is true for Bitcoin; there is much to catch up on environmentally. Despite the PoW consensus protocol being a disadvantage in climate change combat, many ways exist to enhance BTC’s sustainability. The current climate crisis requires every stone to be turned, and if your company needs assistance finding better energy solutions, our GRN Energy consultants are at your service!
