Those who are familiar with the term Bitcoin Mining are also probably aware of its impacts on the environment, but not many of us are aware of the extent by which the mining activity harms our nature. Let’s discuss in brief.
According to a DailyMail (UK) study, the mining of bitcoins produces the same amount of energy as generated by all cars in the UK combined. If the mining activity keeps consuming energy at the same rate, soon it might push global temperature by 2033.
In other terms, mining of bitcoins and other popular altcoins is a high
electricity consuming activity. For an idea, the bitcoin mining activity
consumes as much energy as required to power an entire small country for a
year. This is a very high amount of electricity which comes at an equally
significant cost, both in terms of price and impact on the environment.
In just 10 years of its origin, the crypto mining has become one of the most unfriendly things to our environment. For instance, the mining of Bitcoins is performed through vast farms of computers which consume a lot of energy and release an equally huge amount of carbon dioxide, which is detrimental to our ecosystem.
Another research finds that the greenhouse emission rate of bitcoin is already touching that of a midsize country, which means the carbon emission rate is only rising with each new bitcoin miner.
So, what’s the solution?
Pieta, an eco-friendly cryptocurrency mining initiative, is reportedly working on an energy-efficient crypto mining solution. For one, Pieta is aiming to harness the cost-effective solar power and use it for the mining of bitcoins and other profitable cryptocurrencies. The team is presently working to develop a different kind of mining rig/platform which could be powered entirely by the green solar energy. Besides providing a cost-effective energy source to the miners, Pieta will also address the environment-fatal aspect of crypto mining by effectively replacing the fuel-based energy options with renewable solar energy.
Solar power is not only cheaper but also supportive
As of now, the primary energy sources used in cryptocurrency mining include coal, natural gas and oil. All these energy sources are non-renewable and therefore harmful to our environment as their consumption results in the release of harmful greenhouse gases. What pieta aims to do is it wants to create a different kind of mining mechanism where only renewable solar energy would be used for powering the mining activities. This will have two benefits – lower cost of mining and lower Co2 emission.
Moreover, Pieta will also develop its own solar farms (across Africa and other countries) in order to harness and provide cheap solar energy to everyone who is interested in using it for mining and other purposes. To summarise, the Co2 emission problem of crypto mining can only be solved by replacing traditional energy sources with more efficient and eco-friendly renewable energy sources such as solar. Pieta is doing its job in that direction. It is