Bitcoin mining as an industry has made impressive gains over the past decade. With the BTC price rising, it became increasingly more interesting to start earning bitcoins. But the past couple of years has become one of the biggest challenges for Bitcoin as criticism around its energy consumption has gained traction within the mainstream media. In this article, we will cover some facts about bitcoin mining and show that Bitcoin is likely here to stay.
Sustainable bitcoin mining
First of all, what is the exact reason for the criticism? Bitcoin is a proof-of-work (PoW) network. This means that computers, or miners, process transactions and secure the network by solving complex mathematical problems. Solving this problem is the hard work that proves that a miner is providing correct information. It also makes the data provided immutable by adding it to the blockchain.
With the focus on Bitcoin’s energy consumption, much of the criticism is focused on the high energy consumption and its unsustainability. And, of course, this criticism is rightful. What many seem to forget, however, is that bitcoin miners are always looking for the most efficient way of mining BTC. And as newer, more efficient ASIC miners are brought to market, and sustainable energy sources become cheaper, Bitcoin as a network becomes greener too.
In one of our earlier articles, you could read that the Bitcoin Mining Council (BMC) estimates that the use of sustainable energy by bitcoin miners increased by 2% in the second quarter compared to the first quarter of 2022. This means that an estimated 59.5% of the energy that bitcoin miners use originates from sustainable energy sources.
Important to remember when reading these figures in the light of the wide criticism is that these trends are still going upwards. Bitcoin mining will become more sustainable and efficient; that is how the market will steer miners. There are many examples of miners using these sources, making them more profitable for sustainable energy projects such as solar, wind, and hydro.
Bitcoin miners see opportunities
Not everyone sees these opportunities in the future. But there are enough miners and investment companies that do. Most significant was the news that the largest investment firm in the world, BlackRock, will partner with crypto exchange Coinbase to offer institutional clients bitcoin services.
On the side of bitcoin miners, there are signs that miners are not thinking of slowing down their operations as a result of the bearish sentiment on the market. For example, Iris Energy added 41 megawatts of miners to its operation, which doubled its total hash rate, Core Scientific increased its bitcoin mining operations by 10%, and Marathon Digital is starting up 40.000 new mining rigs in Texas.
It is positive to see that actions are answering the criticisms. Bitcoin miners are not forced to stop their operations but rather put more effort into becoming more efficient. The green future of Bitcoin is becoming brighter by the day, making Bitcoin an unstoppable movement.
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