Bitcoin miners continue their journey to a sustainable network
Being a bitcoin (BTC) miner can be an exciting profession. Global regulation regarding crypto is still unclear, and crypto mining, in general, is facing mounting scrutiny for its high energy consumption. But slowly but steadily, more and more governments are starting to see the opportunities bitcoin mining offers.
Bitcoin miners are the backbone of Bitcoin
Since Bitcoin was born in 2009, miners have played the most crucial role within the network. By solving complex calculations, they verify and process transactions with the cryptocurrency. However, many Bitcoin opponents are not happy with the way the network does this. The reason for this is that miners consume a lot of electricity.
This consumption was one of the reasons that China implemented a blanket ban on crypto mining. From being the absolute bitcoin mining world leader, mining came to a complete stop in the country. Is this the beginning of the end, of the beginning of a further revolution? Bitcoin proponents, not surprisingly, believe the latter.
Some opponents, however, want Bitcoin to switch to a Proof-of-Stake (PoS) consensus protocol. It is doubtful that all network participants will support such a transition as Proof-of-work (PoW) is a test and tried mechanism. The famous MicroStrategy CEO Michael Saylor said about the mechanism:
“The Bitcoin Proof of Work architecture anchors the crypto-asset network physically & politically to the firmament of reality, driving ferocious competition in the marketplace to decentralize, improve, & secure the network, thus assuring vitality & integrity over time.”
Bitcoin mining and its green possibilities
With the unlikeliness of Bitcoin transitioning to PoS growing, companies and regulators are starting to see the opportunities mining offers. As China banned mining altogether, many miners in the United States, Canada, and Europe stepped up their game. And the type of electricity they tend to use may change the negative image Bitcoin has currently.
That type of energy is sustainable energy. In a report by the Bitcoin Mining Council, Saylor stated that bitcoin mining efficiency and sustainability are continuing to improve “due to advances in semiconductor technology, the rapid expansion of North American mining, the China Exodus, and worldwide rotation toward sustainable energy & modern mining techniques.”
And this trend seems to speed up. Last week, Jack Dorsey’s Block and Blockstream announced a 100% solar-powered mining farm. For this, the companies will use Tesla technologies such as their batteries.
In short, bitcoin mining seems to accelerate towards a greener future. Do you want to mine crypto with sustainable energy sources easily? GRN Energy offers a mining hosting service that lets you mine without hassle! Check out more about GRN Energy here.