In celebration of International Earth Day, Square and Ark Invest published a document stating that Bitcoin mining is an opportunity for the creation of clean and renewable energy sources for the future.
In a document recently published, both Square , the Ark Investment, explained how Bitcoin (BTC) is a technology that is fostering the discovery of new sources of clean and renewable energy for the world. Titled “Bitcoin, the key to an abundant and clean energy future”, the document states that the cryptocurrency As a market leader, it is a key opportunity to accelerate the global energy transition towards new renewable energy sources, which serve both for the development of the technology that supports its operation and functionality, as well as for the world's industries in general.
The constant conflicts generated by Bitcoin's energy consumption and its carbon footprint on the planet are driving network miners and manufacturers of computing devices for crypto mining to seek new alternatives that allow for high energy efficiency; reducing the electrical consumption of these devices without sacrificing their computing power.
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Wind and solar energy for Bitcoin
Among the proposed renewable energy sources presented in the white paper are wind power and solar power. Although the cost of these is currently high, Square, led by Jack Dorsey, who is also CEO of Twitter, explains that the mass adoption of these energy sources will reduce the cost curve, bringing it closer to a margin of zero, and making them accessible, feasible and sustainable over time.
For its part, Ark Invest, a US asset management firm with significant investments in cryptocurrencies, points out that bitcoin mining could encourage investment in solar systems, which improve energy efficiency, producing a higher percentage of energy for the grid without changing its current costs. Cathi Wood, CEO of this firm, believes that Bitcoin contributes to the planet.
Concerns about energy consumption
While Square and Ark Invest believe that BTC's growth in the markets will motivate renewable energy solutions, there are those who believe that concerns about the cryptocurrency's energy consumption may erode its price.
Some entities and organizations have pointed out the growth in demand and energy consumption of Bitcoin in recent years as negative. Although it is worth remembering all the benefits that Bitcoin brings to society in general, and to everyone equally, and that even so, it consumes less energy than the banking networks of the traditional financial system.
Environmental solutions are already in development
Companies like gazpromneft, Upstream Data y Crusoe Energy Systems are already implementing solutions to reuse all the surplus and waste from oil activity and convert it into clean energy to power BTC mining equipment, reducing CO2 emissions. Likewise, the mining equipment manufacturing company, Canaan, introduced new hardware for Bitcoin mining that reduces energy consumption, as it does not require an additional cooling system. The mining equipment, called Avalon Immersion Cooling Miner A1066I, uses liquid immersion to improve equipment performance, and reduce energy consumption and costs.
On the other hand, companies Neptune Digital Assets y Link Global Technologies signed an agreement to build a Bitcoin mining facility powered by wind, solar and natural gas. Both firms want to ensure a green future for Bitcoin.
Highwire Energy Partners, located in the state of Wyoming, United States, is another company that has been taking advantage of an alternative source to sustain its Bitcoin mining operations. The company makes use of the natural gas wasted by natural gas extraction companies operating in the state, placing specially manufactured electric generators at the mouths of abandoned gas wells, to use the gas as fuel and run its mining equipment.
Cities like Miami are also developing projects to become complex Bitcoin mining centers that run on clean, planet-friendly energy.
Continue reading: Miami interested in Bitcoin mining, Suarez will turn the city into a mining center with clean energy
