Despite their reputation, bitcoin miners increasingly use clean energy sources and the industry is well on its way to a low-carbon future, argues CleanSpark_Inc CEO Zach Bradford. Opinion for CoinDesk’s MiningWeek, presented by foundryservices
Producing the original cryptocurrency and keeping its proof-of-work network secure is an energy-intensive process – we all know that – and bitcoin’s carbon footprint is big. Very big. The stats are easy to find and used frequently in news stories: The biggest digital asset’s network consumes as much or more electricity in a year than many countries.that since China’s crackdown last year, mining bitcoin has become a less green business.
So, what can be done, then? Is bitcoin doomed to have a bad reputation in environmental, social and governance circles forever?Zach Bradford is the CEO of CleanSpark, a Nasdaq-listed U.S. company that uses renewable sources to mine bitcoin. This article is part of CoinDesk’sFor a start, bitcoin is in vogue, but so is ESG. Big investors are more interested in BTC than ever before. They also want to put their money in sustainable investments.
Not only are miners taking note – many want to be greener regardless to attract the right type of investors.In order for new bitcoins to be minted, energy needs to come from somewhere. Lots of operations use energy from “dirty” sources, like coal, gas and petroleum. The from the Bitcoin Mining Council shows that the majority of the bitcoin mining industry uses a sustainable electricity mix – a trend that has already increased.
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