The discussion about the energy consumption of the Bitcoin (BTC) network is after the merge on Ethereum (ETH) more relevant than ever. With this update, Ethereum managed to reduce the total energy requirements by no less than 99.95%. However, it is also for Bitcoin miners possible to work sustainably. A miner in South Australia is now proving that once and for all.
Bitcoin mining with solar energy
A mining installation of the company Lumos Digital Mining recently started mining BTC using only solar energy, which reports ABC News Australia. Solar energy was chosen to reduce the ‘carbon footprint’ of the Bitcoin network.
Angelo Kondylas, a Lumos Digital Mining official, stated that the facility has the potential to mine at least 100 Bitcoins, with a market value of approximately $20 million, per year, but that the amount is largely dependent on the availability of power. .
He did note that the company could at some point tap power from the grid if production needs to be ramped up. The company, based in the industrial town of Whyalla, also plans to guide other companies interested in using solar energy to mining bitcoins.
“Energy producers can spend $10 million because they have to shut down that day because there is too much on the system. We are actually like a sponge; we’re sucking up the excess that isn’t used,” Kondylas said.
The climate and bitcoin
More and more often there are sounds from governments and regulators that the energy consumption of the Bitcoin network is problematic. That’s how it gave White House recently added that mining cryptocurrencies can hinder the achievement of climate targets.
“Depending on the energy intensity of the technology used, crypto-assets could hinder broader efforts to achieve zero percent carbon pollution in line with US climate commitments and goals.”