Here’s Why More Bitcoin Mining Could Lead to Better Environment?

Willy woo, a popular expert on Bitcoin, responds to claims that bitcoin is bad for the environment and claims that a shift to renewable energy will require BTC mining to play a key role.
Moreover, he revealed that BTC miners would need to consume more energy rather than less to meaningfully impact the shift towards renewable energy.

Environmental controversy surrounding Bitcoin mining

Willy woo’s tweet was in response to a thread by Daniel Batten, another Bitcoin influencer. Batten believes that the criticism against Bitcoin mining is impact on the environment is a misunderstanding that stems from the assumption that more consumption of energy is bad while less consumption is good.

According to Batten, any scalable renewable shift will require the need to generate at least 3 times more power. He introduces the concept of demand response which means a consumer who can be flexible in their energy use by adjusting their demands. According to the IEA, achieving net zero would require 10 times more demand response.

According to Batten, network operators want more customers who can be flexible and adjust their requirements. He believes that bitcoin mining meets this criterion. Batten cited examples of the Texas Winter Storm and Summer Peak Demand in Texas when BTC miners shut down operations due to network operator requests.

BTC mining towards renewable energy

The Bitcoin Mining Council’s second quarter survey revealed that the BTC mining industry has a sustainable electricity mix of 0f 59.5%. This makes it the 5th year in a row that BTC mining has relied on renewable energy for over 50% of its power.

Michael Saylor, CEO of MicroStrategy, which is a key player in BMC, stated that it is difficult to find any industry that is cleaner or more efficient. Elon Musk, who suspended BTC payments from Tesla, also recently stated that bitcoin’s energy source has made significant progress towards renewable energy. As a result, Tesla was able to restart BTC payments.

Nidhish is a technology enthusiast, who aims to find elegant technical solutions to solve some of society’s biggest problems. He is a firm believer in decentralization and wants to work on the mainstream adoption of Blockchain. He is also big on almost every popular sport and loves to talk about a wide range of topics.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.