One criticism that has been thrown at cryptocurrency - and Bitcoin, in particular, is the effect that it has on the environment. However, there is now a brand new technology that has been designed to make sure that this is not an industry that will destroy the planet. Now, a big and well-established tech company has found a way to make the most of Bitcoin without causing unnecessary damage to our environment. So, can bitcoin really be mined in a way that won’t destroy the world we live in? Can it really go green? And can the Rolls Royce jet engine business really be behind this innovation?
An Image Overhaul
The concept of Bitcoin and cryptocurrencies is positive - this is a decentralised system, which means that no one person or governing body is in charge. However, this also means that no one has taken the lead when issues have arisen. However, that has now changed.
Well-known crypto enthusiast, tech billionaire Elon Musk has encouraged a group of North American bitcoin miners to take the lead in addressing its biggest Achilles heel and its biggest image problem- its energy use. The self-appointed Bitcoin Mining Council have taken it upon themselves to deal with this problem and give the crypto a radical and well-needed image overhaul.
As it stands, mining and creating new bitcoins uses a vast amount of energy - in fact, it takes up as much energy annually as a country like Argentina. This is the main reason behind the recent backlash against the currency and why China and Iran have made a move to ban bitcoin mining. This is what has seen the recent drastic drop in all crypto prices, with Bitcoin falling to $32,000.
Address the Misinformation
The Bitcoin Mining Council has a vested interest in making sure that they make an effort to change the way that Bitcoin mining is seen by many and to disprove some of the misinformation that is currently being bandied about by naysayers and to counter the attacks directed at the industry.
Their aim, ultimately, is to change the narrative about Bitcoin and cryptocurrency energy usage and to address any concerns people may have over the effect that this industry does have on the environment.
It was the case, when Bitcoin first started out, that the computers and mining equipment used for Bitcoin used a lot of energy. However, this issue is already being addressed and that the equipment now being used is getting a lot more energy-efficient - and now, around 39% of the energy used for mining bitcoin comes from renewable energy sources. However, North America accounts for just a fraction of the mining, with most of it happening in China - and using energy from coal-fired power stations. Even if this is moved away from China, many mooners look set to move into places such as Kazakhstan which is abundant with oil - a cheap yet non-renewable energy source there. So, although North American miners are taking it more seriously, there is still a problem - and even a greener bitcoin may not solve the issue.
Attaining a Sustainable Future
The goal of those in the bitcoin mining industry is simple - to create a more sustainable future for cryptocurrencies - and this is vital if the industry is to survive in the long term. People are now more aware than ever of the damage being done to the world we are living in - and the belief that Bitcoin is adding to the planet’s problems is damaging, to say the least. To be viable, they must attain a sustainable future - and going green is the only way to do this.