Green Bitcoin Mining

One of the main controversial aspects of cryptocurrencies’ existence is their negative impact on the environment. Today, many conservationists, activists, and even politicians are calling for cryptocurrencies to be abandoned. They believe that it is impossible to benefit from cryptocurrency for the environment.

 In May 2021, Elon Musk publicly criticized the impact of bitcoin on the environment and suspended the sale of Tesla for bitcoin. Moreover, in many countries where there are a large number of private mining farms, due to their activities, the state does not have its electricity. This negatively impacts the state. For example, China was the mining center of the planet. However, mining consumed too much electricity. This situation did not suit the Chinese government. China has launched the first phase to ban mining, which triggered a massive migration of miners around the world and started a search for green energy. The world began to pay attention to the problems of bitcoin mining. Everyone was asking a question “Does green bitcoin mining exist?”.

To get cryptocurrency, you need to spend electricity using special equipment. Bitcoin mining uses a Proof-of-Work algorithm: with the help of computer power (ASICs, video cards), complex mathematical problems are solved to confirm transactions in the network and form the blockchain. As it became unprofitable to mine cryptocurrency on home computers, miners from all over the globe have begun to collect thousands of computers in one place – mining farms. The more cryptocurrency is mined and the higher the price of a crypto asset becomes, the more difficult it is to mine cryptocurrency. Therefore, the difficulty of mining is constantly growing. The amount of electricity that is consumed for the extraction of cryptocurrency also increases. And at the moment, the scale of mining is amazing. Bitcoin mining accounts for about 0.5% of all electricity consumed on our planet!

Large waste of electricity entails environmentally negative consequences. Indeed, many harmful substances are released during the production of such an amount of energy. They affect the environment and destroy the ozone layer of our planet. In the future, this may lead to global warming and climate change on the planet. It turns out that cryptocurrencies and bitcoin are dangerous for humanity and the environment. We just have to give them up forever and forget about using them. Unless, of course, we want a global ecological catastrophe. Or is it not true and the cryptocurrency has every chance of existence?

In fact, yes! There are alternative ways of mining cryptocurrency that do not harm the environment. There are already the first real examples of Bitcoin mining on completely green, renewable energy!

H2Hashes provides cloud mining services using solar, wind energy, and hydrogen mining. Highly efficient data centers with the latest equipment, based on environmental principles, take bitcoin mining to a new level – green bitcoin mining is becoming a reality today.