For some time now, people have been discussing the excessive energy consumption required for cryptocurrency mining, an activity already banned in China by the authorities precisely because of its excessive energy consumption.
Elon Musk mentioned this in a tweet
Elon Musk had caused a market downturn with a tweet months ago, following his statement that Tesla would not accept payment in Bitcoin, precisely because of its excessive energy consumption.
The solution of using alternative forms of energy could be a good way forward, which is already being pursued in part.
However, it is difficult to know exactly what percentage of current mining uses renewable forms of energy. According to recent estimates by a non-profit organization, Energy web, the range is currently between 20 and 40 % of the total.
A recent study by the University of Cambridge, which established that the share of renewable energy used for mining would amount to about 38%, is more precise. The same non-profit organization has launched the Crypto Climate Accord, which is said to have already been joined by around 100 companies in the sector, to make the cryptocurrency industry 100% reliant on renewable energy.
One of the big problems is still the scarcity of energy needs that renewables can produce. So the solution could be to use a form of energy that has no production problems, such as nuclear power.
Nuclear energy for cryptocurrency mining
In July, Bitcoin mining company Compass Mining signed a 20-year deal with energy startup Oklo to build micro nuclear reactors to meet the energy needs of its business.
In July, Ohio-based energy company Energy Harbour Corp announced that it will supply nuclear power to Standard Power’s new Bitcoin blockchain mining centre, starting in December 2021.
Talen Energy, a US energy company, in August announced a partnership with TeraWulf Inc, a US mining company. Talen is reportedly building a Bitcoin mining facility in Pennsylvania, the size of four football fields.
The site, called “Nautilus Cryptomine”, “will make zero-carbon coins with the fitting administrative overlay, mined in the United States in a protected area,” said Talen leader Alex Hernandez.
Elon Musk himself has also spoken about the possibility of using nuclear power for mining in a recent tweet, referring to possible alternative energies, saying:
“Hydro or geothermal are great as renewable means… I’m also pro nuclear. I think modern nuclear power plants are safe contrary to what people may think.”
Two Indian brothers earn $30,000 a month from renewable energy mining
Thanks to renewable energy, it is possible to increase earnings from cryptocurrency mining, as demonstrated by the story of the Takur brothers, Isahan, 14, and Aanya, 9, who live in Dallas and who, according to an article on CNBC, began mining cryptocurrencies almost as a joke, wanting to learn something new about the technology.
They quickly founded, with the help of their father, a mining company, Flifer Technologies, which uses 100% renewable energy for their Bitcoin, Ethereum and Ravecoin mining business, earning $1,000 a month after just one month. Isahan told the newspaper that he can process about 10 billion Ethereum algorithms per second.
The two teenagers claim to be earning about $32,000 a month through their business. That is why they have now moved from their garage to a large office in Dallas to continue their lucrative business.