With great power, there must also come great responsibility. We mean this literally. The Cambridge Bitcoin Electricity Consumption Index estimates that the bitcoin network power demands 96.2 TWh a year, with the demand going to powering computers that are mining bitcoins. Unfortunately for us, most of the electricity running these computers happens to also be powered by fossil fuels.
Bitcoin has great potential for becoming a new form of currency, and we know cryptocurrency mining isn’t going away anytime soon, but what can miners do to reduce their mining footprint?
We Introduce to you: Green Mine Initiative
Let’s say Lucas in Salvador wants to take up mining. He consults Green Mine App to first figure out where he can join a bitcoin cloud. He can figure out which cloud would be the most profitable for him to join. We also provide information on the electricity powering his area so he can determine how much CO2 emission he’d be contributing.
Next up we have Claire from Denver, Colorado. Through our app, she realizes that the U.S. has a lower proportion of renewable energy available compared to the rest of the world, but she still wants to mine. She can then use our maps to figure out if there are alternative fueling stations around her.
Our app is a resource for miners, as well as larger companies to analyze the environmental footprint of their bitcoin mining and help reduce their carbon footprint (e.g., carbon dioxide production). As miners cash in on their newfound “gold” we hope they remember that in this day and age, there’s no greater luxury than sustainability.
How did we do it?
We’ve worked with ArcGIS technologies to create the Green Mine App. A resource that new and experienced miners can use to determine how to reduce their carbon footprint while mining.
What is Crypto coin mining?
Bitcoin, launched in 2009, has become the most valuable cryptocurrency worldwide. Crypto coins must be mined in order to be created. When “mining”: Computing devices solve math problems in order to discover a new block (e.g., Bitcoin or Etherium, which is an alternative "AltCoin") and then add it to the Blockchain, where blockchain, an online ledger, is the underlying technology that secures coin transfers. In other words, the new coin can now be securely circulated.
Why should I mine it?
As the stock of bitcoin is predicted to land at $66,000 by the end of 2021, more efforts are being put into mining bitcoins. In particular, the U.S. is responsible for almost 17% of the global HashRate going towards mining bitcoin. One of the biggest upsides to mining bitcoin is that there’s a low barrier of entry. The COVID-19 pandemic has also left many Brazilians unemployed, and bitcoin has given them an alternative way to support themselves financially. As long as you have a computer, you can connect to a mining cloud and offer up your CPU to mine for an AltCoin. To mine for BitCoin, on the other hand, you will need to have purchased the higher-end ASIC devices. Start using our App to see which sites let in on these!! Hint: It's the ones with higher tools ratings.