Every cryptocurrency runs on a subsequent blockchain and hence is required to mine crypto. Usually, miners take the duty of mining crypto that is solving complex mathematical equations in real time before anyone else gets rewarded in return. Bitcoin or any other crypto’s mining requires tremendous amounts of energy to be spent because these are actually computing systems that are mining crypto running on electricity.
Due to the present outburst of the crypto market, a negative investor sentiment, and corrections lingering over the head of each and every crypto, the price cycles have gone negative. Prices are being slain across the board, and everyone is feeling the tremors.
With such a negative perspective, it doesn’t seem wise to continue with the mining of Bitcoin or any other crypto because the profit margins are getting pretty thin. Let’s suppose you mine a single BTC with a heavy-duty system running 24/7 all year long; the electricity cost is going to be $900-$1800. Who knows if the price of Bitcoin is going to remain stable or dwindle further down?
Global Carbon Footprint
Therefore it is not economical to remain persistent over the use of electricity; hence miners are shifting their resources to use green energy such as hydropower plants, solar panels and wind energy. Not only is the energy clean, but the whole setup is a one-time investment; people who are going to invest into over the top mining centres and greenhouses will not be able to tolerate the ever-rising cost of electricity; hence they have to shift to green energy.
Many countries are banning the use of electricity, such as Sweden has permanently disabled mining facilities that are not using green energy and has urged other EU countries to do the same. China was so mightily against the idea that it is permanently disabled mining of every kind, even green energy because the exhaust and the carbon footprint that mining leaves behind carved a hole directly into the heart of the environment.
People are already sharing awareness on the topic and are switching to green energy but are also investing in computing technology that will not emit any carbon-oriented exhaust. For the betterment of the future and nurturing of the crypto market, this shift to green energy is paramount.