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Bitcoin’s energy extensive nature might not be a threat to the environment to a large extent. No, it has nothing to do with the bitcoin ban, rather it is about using green energy. A whole new crypto mining facility is reported to be installed in Whyalla city of South Australia. The energy consumption at the facility is what makes it different from others. The crypto mining facility is said to be entirely run on solar power-generated electricity.
The 5-megawatt bitcoin mining facility will be under operation of Lumos Digital Mining Company. Installation of such a facility is worth noting considering the energy-extensive nature of bitcoin mining.
Heavy energy consumption in bitcoin mining is likely to be a perennial issue. For instance take the report of the national broadcaster of Australia, ABC, which noted the concerns while comparing bitcoin mining consuming energy as much as Argentina amidst the whole world is making efforts towards reducing carbon emission and energy consumption.
Clearly, this is a burning issue and such efforts being taken towards using clean energy is worth appreciation. Australian authorities took the initiative to positively showcase that the production of bitcoin could be possible without damaging the environment.
State Minister for Trade and Investment of South Australia, Nick Champion cited the instance and considered it a vital step. He said the decarbonization of blockchain is important, given the heavy energy consumption within the sector. Setting up of a solar-based BTC mining facility is the emergence of a new economy in the “steel city” of Whyalla, he added.
While citing the example of Lumos Digital Mining Company setting up solar-based mining infrastructure, Champion anticipated other mining firms would take inspiration and would put efforts into deploying facilities based on renewable energy. He expects the demand for blockchain tech is going to be much more in the future than today, but there will be more demand for carbon-neutral blockchains and more facilities should do the same.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
