SnapBots News Review-Bitcoin miners can prove green potential by undergoing an ESG rating check
Environmental concerns regarding the mining of Bitcoin using the proof-of-work(POW) mechanism are a debatable topic.
In May, Elon Musk CEO of Tesla had sent a tweet regarding the rapid use of fossil fuels, Elon Musk had tweeted that his company would no longer accept Bitcoin payment due to its environmental concern.
After the news, the Bitcoin Mining council (BMC) was formed, to promote energy usage transparency and accelerate sustainability initiatives worldwide.
To achieve a green Bitcoin network, crypto mining companies should push for mining with less use of fossil fuels or maximize the usage of renewable sources.
Minting of new coins would take place through proof-of-work. Computers would need to solve complex mathematical calculations to carry out this verification and to be able to mine the cryptocurrency.
There were not many miners in the beginning, but as the cryptocurrency became famous mining competition has skyrocketed causing a sharp increase in the cost of machines capable of competing, energy demand has exploded which needed energy mainly for processing and cooling.
The energy demand for mining Bitcoin has grown substantially and today has reached 116.71 terawatt-hours per year, according to data from the Cambridge Bitcoin Electricity Consumption Index, or CBECI.
By usage of 100% renewable energy sources like wind, water one can reduce the emersion of carbon in the environment.
In order to demonstrate true energy conservation, Bryan Bullett, CEO of Bit Digital — one of the largest publicly listed Bitcoin mining companies — told Cointelegraph that the company recently submitted for a third-party environmental, social, and corporate governance (ESG) review.
ESG is the acronym for Environmental, Social, and (Corporate) Governance, the three broad categories, or areas, of interest for what is termed “socially responsible investors.
Rob Chang, CEO of Gryphon Digital Mining — a clean energy Bitcoin mining company — told Cointelegraph that the company is using 100% hydroelectricity to mine Bitcoin. While Chang noted that Gryphon has already achieved 100% carbon neutrality.
El Salvador president Nayib Bukele recently disclosed plans for a geothermal power company, letting Bitcoin miners use its facilities to ensure clean mining.
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