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Why Can More Bitcoin Mining Improve The Environment?

26-Jul-2022 By: Simran Mishra
Why Can More Bitcoin

In response to criticism that bitcoin is detrimental

 for the environment, Willy woo, a well-known specialist on the cryptocurrency, asserts that BTC mining would be essential to the transition to renewable energy sources.

Furthermore, he disclosed that in order to have a significant impact on the transition to renewables, BTC miners would need to use more energy rather than less.

Bitcoin Mining Environmental Discontent

Willy Woo's tweet was in reaction to a discussion started by another prominent Bitcoin user, Daniel Batten. The misperception that more energy consumption is bad and less consumption is desirable is what leads Batten to assume that the environmental concerns around Bitcoin mining are unfounded.

 According to Batten, generating at least three times more power would be necessary for any scalable renewable transition. He defines the term "demand response," which refers to a consumer who may be flexible in their energy usage by modifying their demands. The IEA estimates that 10 times more demand response would be required to achieve net zero.

Grid operators want more clients who can be adaptable and change their demands, according to Batten. He thinks bitcoin mining satisfies this requirement. Batten highlighted the Texas Winter Storm and Texas Summer Peak Demand as instances where BTC miners were forced to cease operations by grid operators.

Bitcoin mining becomes closer to renewable sources.

According to the second quarter survey by the bitcoin mining council, the industry uses a sustainable electricity mix of 59.5 percent. This marks the fifth year in a row that BTC mining has used more than 50% of renewable energy sources.

It is challenging to identify a sector that is more efficient or cleaner than business, according to Michael Saylor, CEO of MicroStrategy, a significant participant in the BMC. Elon Musk, who halted Tesla's BTC payments, also recently claimed that bitcoin's energy source has advanced significantly in the direction of renewables. Tesla might be able to resume BTC payments as a result.

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