Going green: how bitcoin mining needs to change for the sake of the environment

Quick take

1 minute read

• This year has been unlike any other ever before. Not only has a pandemic caused the economy to collapse but people have become more aware of their surroundings. 

• Whether that is people and keeping their distance from them whether it is the carbon footprint.

This year has been unlike any other ever before. Not only has a pandemic caused the economy to collapse but people have become more aware of their surroundings. Whether that is people keeping their distance from others or whether it is their carbon footprint.

In the world of cryptocurrency, bitcoin mining has been a big topic of discussion when it comes to the green movement. Yes, it is well known that mining the leading cryptocurrency can be damaging to the environment and it is also known that something needs to be done rapidly.

Earlier this year the President of China, Xi Jinping said that China has plans to become carbon neutral by 2060 citing a “green revolution“.

If this is a plan that can be efficiently integrated into the country, it could see China significantly improve the global ecosystem but as a result, the world of bitcoin mining could be massively shaken up as well.

As people are becoming more aware of climate change and the human-caused emissions of carbon dioxide, having constant access to renewable energy is going to become a big part of the future when it comes to bitcoin mining. But how can this seriously be done?

There are a lot of factors to consider when it comes to bitcoin mining. Location is a key aspect of this as well as regulation. Looking at Russia, there could be some less foggy regulation on the sector but it could be an ideal place to mine. But a big part of this would be that if the government can communicate efficiently with a positive attitude addressing this matter.

That’s not to say that a mining balloon is just around the corner, far from it most likely.

But if mining can find a way to become more green and efficient, only exciting things are to come in the future.

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