Bitcoin mining is an exceedingly criticized aspect of the cryptocurrency industry, regardless of the fact that bitcoin mining is underlined as the most robust entity of the bitcoin complex. Bitcoin has confronted several complications in recent times, and most of them were due to energy consumption and the environmental toll of bitcoin mining.
Bitcoin singular transaction consumes electricity similar to streaming YouTube for almost 100 000 hours, yes you read it right. All the more, Elon musk correspondingly suspended bitcoin as a payment method considering the environmental aspects of coal emission led by the bitcoin mining progression.
However, a fierce bulletin arrived by the survey of the bitcoin mining council. As per the latest reports of the bitcoin mining council, 56% of bitcoin mining is occurring on greener energy and renewable bitcoin mining plants.
The arrival of a green or sustainable source of energy in bitcoin mining will correspondingly eradicate the environmental toll led by bitcoin mining. However, bitcoin trading and investment progression are still profitable, and you can check out bitcoin trading strategies for profitable results in your bitcoin expedition. Here is everything you should acknowledge regarding the latest news of the bitcoin mining council and how did the industry react to it.
Bitcoin mining energy consumption
Bitcoin mining is underlined as an energy guzzler as the energy consumed by bitcoin mining progression in an annualized report is equivalent to the energy consumed by a singular developing country; you read it right.
You might be familiar with the fact that electricity is the most easily accessible and easy to operate with an energy source. However, the exceeding extent of utilization of electricity in bitcoin mining has led to the burning of fossil fuel in an enormous amount which is further responsible for the greenhouse gas emission.
The annualized energy consumed by the bitcoin mining industry in the form of electricity is nearby 120TW per hour per year, and the electricity consumed by the traditional banking systems is equivalent to 220 TW per hour per year.
The prominent reason why the energy consumption of traditional banking methods is not criticized at all is that these complexes are present across the globe for a very long time; all the more, these are available in every city of every country. On the other hand, bitcoin arrived in the industry in 2010, and in just a decade, the energy consumed by bitcoin mining has achieved the milestone of 100 TWh per year.
Bitcoin Mining council statement
The recent statement of the bitcoin mining council is exceedingly positive and profitable news for bitcoin investors and traders. You might be wondering that what is a bitcoin mining council; the bitcoin mining council is underlined as an open-source forum where you can openly submit information regarding bitcoin mining, and the information is approved by the proof checkers.
Bitcoin mining council was built to embrace the limpidity of energy consumption in bitcoin mining, moreover to enhance the utilization of a renewable source of energy in bitcoin mining. The bitcoin mining council is founded by the leading public holder of bitcoin, which is a micro strategy led by Michael Saylor and some other companies such as hive and agro blockchain.
As per the statement and information processed on the bitcoin mining council, the bitcoin mining industry is now complexed on 56% of sustainable energy. The prominent reason behind the fact is criticism confronted by bitcoin mining progression and bitcoin mining ban in China. Bitcoin mining is totally banned in China, which led to a decline in the overall hash rate of the bitcoin mining chain.
Bitcoin mining in china was exceedingly cheaper in contrast to other countries such as the United States etc., subsequent to the suspension of bitcoin mining pools complexed on electricity; there are almost 50% of bitcoin mining pools in the industry having a renewable source of energy.
How Did The Industry React To This News?
Elon Musk is the most active renowned personality and entrepreneur in terms of bitcoin and other digitalized coinage. After monitoring the news in a nominal range of time, Elon musk stated that tesla would be accepting bitcoin as a payment method very soon. The tweet signaled 56% of green energy utilization in the bitcoin mining global chain, and he correspondingly statute that sustainable sources of energy will only embrace in the future.
These are some of the statements led by the bitcoin mining council.