Although Bitcoin has attracted widespread attention and its price has reached an all-time high, mainstream experts have tried to attack its leading crypto assets to consume its energy. Mainstream journalists, technical writers and climate activists publish a new “Bitcoin is Harmful to the Environment” editorial almost every week. This week, Bixen, a representative from crypto companies and specialized mining operations, explained that it is wrong to believe that Bitcoin mining is unsustainable for the global environment.
Climate activists like to use the energy debate three years ago to attack Bitcoin
Since Bitcoin (BTC) and many other digital assets hit new price highs, crypto assets have been receiving mainstream attention. In addition, many news reporters and popular experts are concerned about the energy consumption used by the Bitcoin network. This has happened every week since the BTC price has become hot, and a lot of things have happened in 2017.
For example, on March 11, climate activist, clean technology writer and analyst Ketan Joshi wrote an editorial that is no different from an unresearched attack on the power consumption of the Bitcoin network.
“Bitcoin has three problems: energy hunger, partnerships with the fossil industry, and classic liberals’ aversion to renewable energy and climate action,” Joshi (Joshi) Tweet To his 43,000 Twitter followers. He added: “In general, they mean that Bitcoin is hungry for fossil fuels.” Of course, the editorial hardly touched on the renewable energy used by a large number of Bitcoin miners and attacked fossil fuel companies because they were already there anyway. Burn excess natural gas.
Chinese Bitcoin miners set a record-renewable energy is king in Bitcoin mining
Mustafa YilhamRepresentatives of Bixen, a cryptocurrency company involved in mining Bitcoin, recently explained How many of these “Bitcoin is bad for the environment” experts are wrong.
In fact, Yilham can use his expertise to speak on the matter, instead of critics like Ketan Joshi and countless mainstream critics spending very little time studying this issue. Bixen’s mining business accounts for approximately 2.5% of the entire BTC hash rate, which was approximately 170 exahash per second on Monday, March 15.
“We always hear [the] debate [that says] Bitcoin consumes more energy than XYZ, so it is inefficient. ”Yilham Tweet. “In this argument, you have to look at two things; what type of energy does Bitcoin consume? Without Bitcoin, where will this energy flow?” As a miner, Bixen’s main goal is to “use the cheapest available Electricity price”.
This happens to be renewable energy, such as hydroelectric power and flare gas from excess waste. Yilham explained that in China, where a large part of the global BTC hash rate resides, “mining unions move to different regions according to the season.”
Yilham emphasized: “Mining operations are mainly in Sichuan in summer, and Xinjiang/Inner Mongolia in winter.” “Period. [the] In the rainy season, Sichuan has overproduction of hydropower.Keywords: Too many [and] Hydropower. The problem is that in winter, there is not enough rainfall, so miners need to move to other regions, such as Xinjiang and Inner Mongolia, which currently generate more than 50% of electricity through thermal energy, which means burning coal. Add to.
Despite moving to a coal-burning area, Yilham emphasized that things are changing rapidly.
“In 2021, 43.4% of Xinjiang’s power grid will be renewable, and [XinJiang] Expected to increase further [renewables] In the next few years,” Yilham said. “In the winter, miners pass [the] Grid, like other industries, we don’t understand [choose] What type of energy continues to happen [the] grid. That is a policy decision.We try our best [choose] In areas where there are more renewable energy sources, whether intentionally or unintentionally, this is what is happening. “He said.
Can traditional financial networks migrate to renewable energy on a seasonal basis?
Representative Bixen also emphasized that BTC mining in winter only accounts for about 1% of electricity consumption in areas such as Xinjiang and Inner Mongolia. Ilam said: “Xinjiang has a lot of energy production and is expected to further support the other 20 states in China.”
“Because we are using [the] Grid, this is a very important question. If there is no Bitcoin mining, will it be reduced? [the] The energy production capacity of the region? The answer is probably no. The excess energy will simply be transferred to other states or companies. We have the infrastructure. The representative of Bixen added.
Bitcoin may be one of the most environmentally friendly financial “industry”. Because we can migrate in the seasons and keep 100% renewable in summer and more than 40% renewable in winter. The price of renewable energy will soon increase further. Can Visa do this?
Yilham proved what actually happened in places where Bitcoin mining is concentrated like China, which shows that BTC mining is more energy efficient than traditional payment methods. In addition, the encrypted asset is voluntary in nature, and experts should really consider the cost of military backing used to maintain the US dollar exchange rate.
Yilham added that his point of view stems from “the situation in China.” He added: “Siberia, Iceland, Sweden and other regions may have nearly 100% renewable energy.” “And I didn’t even mention how Bitcoin mining can help solve the torch gas problem.” Climate activists and “Bitcoin vs. Members of the “environmentally unfavorable” camp have never explained the way to deal with natural gas burning.
Because many miners use torches for mining, it helps reduce man-made atmospheric carbon dioxide emissions by 1% globally. In the eyes of many Bitcoin advocates who understand that energy complaints are full of enthusiasm, reducing energy consumption is much better than increasing energy consumption.
What do you think of the statement made by Bixen on behalf of Mustafa Yilham on Bitcoin’s energy consumption? Let us know your thoughts on this topic in the comments section below.
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Bitcoin, Bitcoin (BTC), Bitcoin mining, Bickson, BTC mining, Chinese miners, cryptocurrency, electricity consumption, electricity, energy consumption, environment, environmental issues, excess natural gas, flare gas, hydroelectric power, Kodan ·Josh, immigration, Chinese mining, Mustafa Yilham, renewable energy, renewable energy
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