How Crypto Mining Can Become More Eco-FriendlyOctober 11, 2022
Crypto mining can be very harmful to the environment due to the large amounts of energy it consumes. However, there are alternatives to make crypto mining more eco-friendly.
Use an Energy-Efficient Consensus Algorithm
The Proof of Work consensus mechanism was designed to be energy intensive, making it unsustainable. Other consensus algorithms, such as Proof of Stake, use far less energy.
Proof of Capacity is another option becoming more common; it utilizes excess space on your hard drive and is up to 30 times more efficient than the ASIC Bitcoin mining rig.
Alternative Uses for Bitcoin
Solar and wind energy are not always available, making them inconsistent sources of fuel. By converting wind or solar energy into Bitcoin, it saves that energy for use at a later time, just like a battery stores chemical energy.
Bitcoin can also act as a recycler; flared gas crypto mining uses excess energy from natural gas to crypto mine. This method uses energy that would otherwise go to waste to create a currency that has an infinite shelf life.
Mine on Renewable Energy
Conventional methods of crypto mining use excessive amounts of energy. However, using renewable energy makes the process much more sustainable.
In order to mine bitcoin on renewable energy, you’ll need a reliable source of renewable energy. This could include solar or wind power. The simplest way to create this, especially if you live in a residential area, is likely installing solar panels on your roof. This will give you a reasonably consistent method of collecting sustainable energy, especially if you live in a sunny area.
Crypto mining can become more eco-friendly; all it takes is a little out-of-the-box thinking to provide new solutions. Even using just one of these sustainable practices instead of your current ones can diminish your energy output.