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- A new model to help reduce cost of Bitcoin mining projects and keep electricity costs at a bare minimum
- New grid locations with increased hashrate and advanced grid connections to help Bitcoin miners
- The mining industry is poised to turn greener with renewable sources of energy leading the projects in the future
A clean and energy efficient environment is what we have dreamt of for the future. But in order to achieve this, one needs to come up with a stop ‘heat loss’ and utilise renewable sources of energy in the most structured way possible. In a whitepaper report which was published by Square.
Square is headed by none other than Jack Dorsey, CEO, Twitter there are numerous benefits. Having an energy efficient bitcoin mining network will not only reduce costs but will also help the convergence of Bitcoin miners and clean energy production levels.
Solar and wind energy to be the most cost effective
The cost of solar and wind energy has fallen 90% and 71%, respectively, over the last decade. It is almost similar to hydroelectric and geothermal energy that are inexpensive but limited geographically. Demand for electricity spikes during the afternoon or late evening when solar energy is scarce and the wind speed is at its lowest. Hence, a suitable model should restrain energy wastage and lead to better transmission of energy.
Bitcoin miners could help in generation and storage of energy
The usage of a well planned structure in order to complement renewable sources of energy will lead to profitable projects in Bitcoin mining. Before the connection of lengthy grid connections take place, the construction of solar and wind projects is possible. The grid will help in setting up solar panels and excess energy production that can be used by Bitcoin miners.
The deployment of renewable sources of energy will transform the crypto mining industry and lead to lower costs to implement projects. There would be zero delay in solar and wind energy transformation. Companies can easily set up ‘behind the meter’ systems that will prevent loss of energy. Lastly, the overall security of cryptocurrencies stands to improve considerably and help it develop as a safe and secure currency.
The future of crypto mining looks brighter than the sun!
Ark Investments’ model will encourage further investment in Bitcoin mining projects. Subsequently it will reduce overall costs of mining and potentially keep the cost of electricity at the same level. They plan to integrate Bitcoin mining into the energy mining tool boxes that will increase the overall addressable market.
The introduction of Energy Management Software and Services with the help of energy/miner marketplaces will augment crypto mining across the world. The ASIC manufacturing and new chip foundries will help in uninterrupted power usage.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
