Bitcoin mining has found an abundant and promising alternative energy source in garbage dumps.
Bitcoin mining has been at the center of debate in recent years due to its energy consumption. Recently, the European Central Bank published an opinion piece stating that Bitcoin “is an unprecedented polluter” as it consumes a huge amount of energy that is comparable to some economies such as Austria.
While it is true that the operation of the most powerful blockchain network in the world demands energy, it is also true that Most of the companies engaged in this activity use renewable energy sources., to sustain its operations on the blockchain network in an environmentally friendly manner.
As reported by this outlet, by the end of September, nearly 60% of companies operating Bitcoin mining farms were using or combining renewable energy sources, such as solar, wind and hydro energy. There are also studies, such as the one published by analyst, strategist and electrical engineer Lyn Alden, which reveals that The energy consumption of the Bitcoin network is much lower than the energy consumption of the banking system and that of other industries.
According to data from the Centre for Alternative Finance at the University of Cambridge, Bitcoin currently demands an average of 117,96 Terawatt-hours (TWh) per yearIt should be noted that, in July, this blockchain and cryptocurrency network was being used by more than 100 million people worldwide.
However, despite the research and data that exists on how much energy Bitcoin consumes to validate transactions, and the initiatives that mining companies have undertaken and continue to undertake to reduce their energy consumption and environmental impact, environmental attacks on the world's leading cryptocurrency have intensified in recent years.
But mining companies do not stop and continue to undertake new projects in order to take advantage of wasted resources and generate energy to mine bitcoins, while contributing to the care of the environment. One of these initiatives is energy production from waste.
The usefulness of garbage in Bitcoin mining
A recently published article by Bitcoin Magazine opinion contributor Zack Voell notes that Garbage is emerging as one of the main alternatives for Bitcoin miners.
In fact, companies Vespene Energy and XcelPlus International are using landfill waste to produce energy from methane gas.
On its website, Vespene Energy states that landfill methane is a valuable energy source to power Bitcoin mining. XcelPlus International notes that trash has become a global problem and that Every day, about 728.000 tons of garbage are produced.
Although there are companies that take advantage of landfills to harvest methane from waste and power generators, these initiatives are still not enough to clean up the environment.
Therefore, being so abundant and not having a foreseeable end, Garbage promises to supply Bitcoin miners' energy needs, Voell notes.
There are about 3.091 active landfills in the United States alone, while another 10.000 landfills are closed in the country, the author notes.
Agnostic mining that cares for the planet
Bitcoin miners are agnostic by nature, meaning they can be located anywhere in the world where there is internet access. Also, trash is everywhere, Voell says, so “Miners can go almost anywhere to turn trash into energy for bitcoin mining”.
Furthermore, garbage, being a mostly stranded and wasted resource, its use by Bitcoin miners as an alternative energy source is helping to reduce the emission of methane into the environment and contributing to the care of the planet. According to Voell, garbage dumps are ranked as the third largest producer of methane gas into the environment.
Voell also believes that initiatives by Vespene Energy, XcelPlus International and other companies to harness an abundant resource like trash to feed bitcoin miners will help counteract the relentless criticism of the blockchain network from climate activists.
“The benefits of limiting (methane) emissions from garbage are indisputable,” Voell said, so although Bitcoin has been widely criticized by its detractors, it has become The best tool to reduce methane emissions and mitigate the environmental impact of garbage dumps.
Continue reading: The 5 characteristics of Bitcoin's energy consumption, according to Arcane Research
Main image from Pixabay
