Ecological mining without miners?

Cryptocurrency mining consumes a huge amount of electricity, and this is no secret. Many aspiring miners have been stopped by huge electricity bills. However, simply mining Bitcoin in countries with cheap electricity is not the answer, as cryptocurrency mining drains the earth's resources, whether it's expensive or not.

So green mining is not just about finding the country where electricity is cheapest, nor is it about finding a country with a cold climate to absorb the heat generated by the mining systems. According to Kristin Satchel, Ph.D., director of research and innovation at Blue Chip Vision, green mining is about more than just using renewable energy.

Environmental Sustainability

The first place that comes to mind when you think about green mining is Canada. After all, what will keep people from mining if energy sources are renewable and their activities do not harm the Earth? The exchange Coinsquare has several thousand mining systems that run on hydropower.

Kole Diamond, CEO of Coinsquare said: “Quebec is an incredibly attractive place due to cheap renewable energy. Canada as a whole is a huge country with a small number of people and huge reserves of energy.”

That's why Canada is currently one of the leaders in the field of green mining. While other countries like Georgia are showing progress in the adoption of blockchain technology and mining, they do not boast the same political stability as Canada.

According to Satchel, while Canada has reserves of cheap renewable energy, “Renewable energy sources are often very expensive and bulky,” and this problem needs to be addressed.

Blue Chip Vision is working on technologies that will help expand the concept of blockchain beyond the digital realm and eliminate mining. According to Managing Director Robert Masters, “This is a more holistic approach that looks at the hardware and infrastructure, and the power needed to run them, as integral parts of future cryptocurrencies.” 

In fact, such mining can reduce electricity consumption by 90%.

“The enormous cost of running mining systems also means that many people are being priced out of the Bitcoin mining process, which goes against the decentralized nature of Bitcoin,” Satchel said. This centralizes the decentralized ecosystem..

Ensuring that mining does not become the privilege of a select few is just as important as developing mining systems that are environmentally friendly, Blue Chip said.

So for green mining in the future, beyond solar panels, wind farms and hydroelectric dams, we need to make sure that the fundamental rules of Bitcoin are respected. 

According to themerkle