Bitcoin mining is one of the most popular points of attack from critics. Proof-of-Work is extremely energy inefficient, meaning that a lot of electricity is needed to keep Bitcoin running. Whilst this leads to complaints about modern-day issues such as global warming, there could be a positive aspect that might arise. Through solar power, Bitcoin mining can be cheaper and more environmentally friendly.
Some of the cheapest energy sources currently available today are renewables. Solar power prices have dropped in recent years, and it makes perfect sense to begin using excess solar power to mine Bitcoin. Through this, the energy worries that arise from Bitcoin mining would diminish. On top of this, due to the cheaper nature of solar power, the profits for the miner would increase as well.
Bitcoin mining has become extremely popular in nations where electricity is at its cheapest.
This is one of the main arguments that fans of Bitcoin make when confronted with the criticism of Bitcoin mining. Whilst it may appear counter-intuitive on some level that Bitcoin mining could improve our global climate crisis, there is a slim hope that Bitcoin mining may convince others that renewable energy is the future.
Some in the industry view climate change as a hoax, aligning themselves with right-wing commentators and dismissing the evidence of thousands of scientists. Such is their right, however wrong they might be. Still though, any push towards new, greener, and cheaper technologies should be welcomed.
Until Bitcoin is able to attract people who are wary of its energy usage, there will remain question marks surrounding Bitcoin’s viability. Many altcoins play on this fact and highlight their lower energy costs, making them more attractive. The move to solar energy makes sense both fiscally and to help improve opinion.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.