How will Green Bitcoin help reduce the effects of climate change?

   2021-03-28 09:03

How will Green Bitcoin help reduce the effects of climate change?

  • Green bitcoin mining is observed getting essential for the crypto mining industry
  • Crypto miners should use clean energy or natural energy mining pools toaddress environmental impacts
  • Mining over renewable resources could tend the miners face further inactions

Green Bitcoin mining pool, a concept announced by Argo Blockchain, will be brought to the planet with DMG Blockchain Solutions’ collaboration. In recent times, cryptocurrency mining operations face critics due to high power consumption and climate change factors. Following the mining operations concerns, Argo signed a memorandum of understanding with DMG to launch the Terra Pool. It is expected that the Terra pool will be a clean energy mining pool, as the power will be generated using hydroelectricity.



Green Bitcoin will help control resource wastage

Green Bitcoin mining is just a shift of the crypto mining operations to hydroelectric energy. If the miners do not use renewable sources of power, it will help the sector control the wastage of resources. Not only hydroelectricity, but the miners can also use any natural source to stop the impacts on the environment. Following the facts, Argo and DMG came are planning to establish Terra Pool. And the clean energy mining pool will only use hydroelectricity for mining Green bitcoin.

The mining industry could face further inactions

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According to several data, Bitcoin electricity consumption is approximately 138.7 terawatts, just about 0.5% of global power consumption. Since last year, BTC’s price has increased by more than 900%, which also tended to a 200% increment in energy consumption. 

Following the consumptions, many governments and tech figures began to concern regarding the environmental impact of the mining operations. Many questioned regarding the energy waste in the crypto mining operations. On the other side, as the world is getting more digital, governments seek to tighten regulations around the industry. And without unaddressing the environmental impact of Bitcoin, many countries seek an outright ban on digital assets.

Miners should prioritize environmental impacts

Addressing climate change and other environmental factors, crypto miners worldwide should prioritize saving energy. Many Chinese miners have already migrated towards the NORDIC regions, where they are continuing their mining operations using natural energy generation methods. However, other crypto miners should also take initiatives to establish Green Bitcoin mining pools, like Argo Blockchain.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin64,485 0.14 % 6.07 % 11.06 %
Ethereum2,390.4 0.35 % 10.81 % 13.02 %
Binance Coin579.94 0.42 % 7.30 % 43.39 %
XRP1.920 0.42 % 18.10 % 74.83 %
Cardano1.520 1.07 % 16.11 % 21.19 %
Tether1.000 0.23 % 0.04 % 0.03 %
Polkadot43.95 0.84 % 10.03 % 1.22 %
Uniswap36.03 0.10 % 4.18 % 14.91 %
Litecoin278.44 0.34 % 9.43 % 17.21 %
Dogecoin0.07813 2.31 % 10.34 % 30.62 %
Chainlink37.50 1.69 % 15.22 % 7.83 %
Stellar0.6713 0.35 % 6.58 % 24.94 %
Bitcoin Cash813.34 0.44 % 19.07 % 22.56 %
Theta Network12.59 0.86 % 5.03 % 7.43 %
USD Coin0.9990 0.26 % 0.27 % 0.09 %
VeChain0.1421 1.71 % 5.32 % 36.45 %
Filecoin163.89 0.19 % 0.10 % 1.17 %
TRON0.1525 0.24 % 16.21 % 22.06 %
Wrapped Bitcoin62,834 0.26 % 4.35 % 7.07 %
EOS7.870 0.01 % 17.98 % 18.27 %