- Cryptocurrency mining has become public enemy number one in recent weeks
- Fossil fuel-powered cryptocurrency mining operations have been criticized heavily in the press and further afield
- There are some innovative ways in which the crypto community is tackling the problem
Cryptocurrency mining has come in for a lot of stick in recent weeks thanks largely to the mainstream media needing a new angle and Elon Musk suddenly deciding he has a conscience for a week. However, as always the crypto world has responded brilliantly, with companies and even governments working on ways to conduct cryptocurrency mining in an environmentally friendly way. Here are some of the more believable, and unbelievable, options being considered.
One of the more obvious contenders for an eco-friendly crypto mining solution, but one that, until now, hasn’t had the chops to cope with the power demands. This could all change however thanks to a deal between Blockstream and Square to build a solar powered cryptocurrency mining operation, something that individuals have been trying to do for themselves…with varying rates of success.
Another more obvious choice for cryptocurrency mining, but again one that you wouldn’t think could power the rigs. Not so, says Thorsten Kühnel, head of Future Lab, a digital venture builder within energy company E.ON:
…we have looked into the technical feasibility of using excess wind power from curtailed wind farms to mine a set of cryptocurrencies – not necessarily bitcoin, rather a varied set – converting surplus power otherwise wasted into monetary value.
Wind farm cryptocurrency mining has already taken off in Texas, which explains why so many crypto mining firms are heading over there.
There are plenty of people who think that crypto is shit, but not many have taken that sentiment literally. A farm in the UK is doing just that however and using cow manure to power cryptocurrency mining rigs.
This is achieved via the use of special containers which house the cow manure and use the methane produced from it to produce electricity, which Philip Hughes and his family use to run their farm, a neighboring caravan park, and their cryptocurrency mining operation.
One of the more striking outcomes of El Salvador voting to accept Bitcoin as a currency was the immediate move to also mine the cryptocurrency using the power of the country’s volcanos. Within 24 hours of the move being voted through parliament, president Nayib Bukele had instructed the country’s engineers to harness the geothermal power produced by volcanos to mine Bitcoin. This is no idle feat – geothermal steam can offer up to ten times the power of regular steam generation.
Cryptocurrency Mining Pushing Renewable Research
As we can see there are numerous ways in which the cryptocurrency community has come together to meet the challenge of eco-friendly mining. We won’t know for some months and maybe even years which of the above will prove to be the most successful, but the fact that the mining community has rallied so well and so quickly shows that change could be here quicker than we think