As bitcoin gains national attention and prices reach all-time highs, mainstream pundits are trying to attack the leading crypto asset for its energy consumption. It seems that almost every week there is a new bitcoin article about the environment published by mainstream journalists, tech writers and climate activists. This week, a spokesperson for the cryptocurrency and mining company Bixen said that it is incorrect to claim that bitcoin mining is not environmentally sustainable from a global perspective.
Climate activists love to attack Bitcoin with watered-down energy arguments Three years ago
Since bitcoin (BTC) and a number of other digital assets have reached new price highs, crypto assets have been in the spotlight. Moreover, many popular journalists and experts have focused on the energy consumption of the Bitcoin network. This has happened every week when BTC prices have risen, and it has happened a lot in 2017 as well.
So wrote climate activist, author and cleantech analyst Ketan Joshi on 11. The March editorial, not to be compared to the many unverified attacks on the Bitcoin network’s power consumption.
Bitcoin has three problems: Energy hunger, partnership with fossil fuels, and a classic libertarian hatred of renewable energy and climate action, Joshi tweeted to his 43,000 followers on Twitter. Together, they mean bitcoin is a fossil fuel devourer, he added. Of course, the editorial barely mentions the renewable energy used by more bitcoin miners and targets the fossil fuel companies for doing what they do anyway, burning excess natural gas.
Chinese bitcoin miner sets record – renewable energy is king in bitcoin mining
Mustafa Yilham of Bixen, the cryptocurrency company that deals with bitcoin mining, recently explained how many of these bitcoin-hating experts are wrong.
Most Chinese miners use hydropower to mine bitcoins (BTC). It is estimated that China accounts for almost 50% of the total BTC hashrate. Mining operations in Siberia, Iceland and Sweden also use renewable energy. According to Mustafa Yilham, spokesman for Bixen Mining, the use of renewable energy in these areas is expected to reach 100%.
Ilham can truly speak from experience on this subject, not critics like Ketan Joshi and the countless mainstream commentators who spend very little time researching this topic. Mining company Bixen manages about 2.5% of the total BTC hashrate as of Monday the 15th. Mars, is about 170 ex-hash per second.
We always hear [the argument] that bitcoin uses more energy than XYZ, so it’s inefficient, Yilham tweeted. There are two things to be careful of in this argument: What kind of energy does bitcoin consume? Where would that energy go without Bitcoin? As a miner, Bixen’s main goal is to take advantage of the cheapest electricity rate.
Smoke gas or excess gas is also used by bitcoin miners, and not just in China. The image above shows the Greenidge Generation power plant, located in the Finger Lakes region of New York State, using excess gas to produce bitcoin (BTC). In addition, companies such as Upstream Data, Crusoe Energy Systems and EZ Blockchain are working with systems that use flare reduction systems.
These are renewable energy sources such as hydropower and flare gas from excess waste. Ilham explained that in China, where most of BTC’s hash lives, miners migrate to different regions depending on the season.
Mining mainly takes place in Sichuan in the summer and in Xinjiang/Inland Mongolia in the winter, Yilham said. During the rainy season, Sichuan produces a surplus of hydroelectric power. Keywords: Excess. Hydro. The problem is that it is winter, there is not enough rain, so the miners have to divert to other regions such as Xinjiang and Inner Mongolia, and currently these regions produce more than 50% of their electricity by thermal energy,ie……. Burning coals, Yilham adds.
Although she moved to a coal-fired area, Yilham says things are changing fast.
In 2021, 43.4 percent of the energy in Xinjiang’s power grid was renewable, and [Xinjiang] expects a further increase [of renewable sources] in the coming years, Ilham said. In the winter, miners, like other industries, buy electricity through the grid, and we don’t have the ability to [choose] what type of electricity goes into the grid. This is a political decision. We do our best to pick places where there is a lot of renewable energy, and whether it’s intentional or not, it happens, he said.
Can traditional financial networks switch to renewable energy seasonally?
Representative Bixen also pointed out that BTC production represents only about 1% of the electricity consumed during winter in regions such as Xinjiang and Inner Mongolia. Xinjiang has huge energy production and depends on the continued support of more than 20 other Chinese states, Ilham said.
Now that we are using [the network], here is the really important question: without bitcoin mining, would [the region] reduce its energy production capacity? The answer is probably no. Excess energy is simply transferred to other states or companies. We have that infrastructure, a Bixen spokesperson added.
Bitcoin is arguably one of the most environmentally friendly financial sectors. Because we can walk during the season and remain 100% renewable in summer and more than 40% in winter. Renewable energy tariffs will soon rise even further. Can Visa do it?
Yilham’s explanation of what is actually happening in places like China, where bitcoin mining is concentrated, shows that bitcoin mining is much more energy efficient than traditional payment tracks. Also, the cryptoasset is voluntary in nature, and experts should really support the cost of military support used to prop up the US dollar.
Ilham adds that her opinion stems from the situation in China. Other regions, such as Siberia, Iceland and Sweden, are probably close to 100% renewable energy, he added. Not to mention how bitcoin mining helps with blowout problems. Climate advocates and members of the bitcoin is bad for the environment camp never explain what to do about gas flaring.
Since some miners use a torch to extract the gas, this contributes to a 1% reduction in man-made carbon dioxide emissions worldwide. The reduction is far better than the addition in the eyes of many bitcoin supporters who recognize that the energy complaints are just hot air.
What do you think of Bitcoin spokesman Mustafa Yilham’s statements about Bitcoin’s energy consumption? Let us know what you think in the comments below.
Tags in this story
Bitcoin, Bitcoin (BTC), Bitcoin mining, Bixen, BTC mining, Chinese miners, Cryptocurrency, Energy consumption, Energy consumption, Environment, Environmental issues, Excess gas, Gas flaring, Hydropower, Ketan Yoshi, Migration, Mining in China, Mustafa Yilham, Renewable energy, Renewable energy
Photo credit: Shutterstock, Pixabay, Wiki Commons, Powerhouse Greenidge Generation, Twitter,
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