Renewable Energy

What Is Renewable Energy?

Non-depleting energy sources such as solar, tidal, wind energy are all classed as renewable energy.

In the world of blockchain, renewable energy has garnered a lot of attention. No matter how we look at it, there is a global issue that needs to be solved, and that is the substantial amount of energy consumed in cryptocurrency mining. 

There are over 1 million BTC miners worldwide, as well as millions of miners processing transactions for other Proof of Stake crypto networks, such as Litecoin and ETH. All of this crypto mining consumes a lot of energy, which has people all over the world concerned about its impact on the environment.

According to the University of Cambridge, BTC's energy consumption could range between 40 and 440 terawatts.

Several startups are currently researching and inventing ideas for developing alternative energy sources and recycling mining energy. Examples include Nasty Mining, which uses solar and wind energy; Swiss Alps Mining, which is constructing special hydropower plants and reusing mining energy, and many other similar projects.

The most significant benefit of renewable energy is its nearly limitless availability. Renewable energy sources, such as solar, wind, and hydroelectric, are excellent examples that can aid miners in their efforts. Another advantage is that it helps in preserving the environment.

Environmental concerns are the most serious criticism leveled at Bitcoin mining. CO2e, or carbon dioxide equivalent, is an excellent indicator for comparing the environmental impact of various energy sources because it is the carbon dioxide emissions for generating electricity per kilowatt-hour.

To generate 1 kWh of electricity, natural gas emits between 250 and 1000 grams of CO2. Wind energy, on the other hand, emits only about 9-18 grams of CO2e over its entire life cycle.

Elon Musk shocked the world when he announced that he would no longer accept Bitcoin payments for Tesla vehicles, citing the harmful impact of the environmental deterioration caused by the mining.

Also, renewable energy sources are not prone to sharp price fluctuations because their supply is not limited. Furthermore, the price of natural energy sources has steadily decreased over time, despite the world's ever-increasing volume of production and wider adoption in various industries. As a result, the entire renewable energy industry has gained efficiency, increased production capacity, and achieved economies of scale over time.

As a result, the cryptocurrency mining industry can also benefit quickly from these renewable energy factors, as it will create a significant positive mood.