One major issue with the blockchain mining industry has always been the energy consumption that comes along with it.
We’ve recently seen a lot of the mining operations head to China, where a low cost of electricity certainly appeals to those mining companies who want to keep energy costs to a minimum and keep profits as high as possible.
The problem is, this approach from the blockchain mining industry isn’t sustainable from an environmental perspective, with many of the cheaper Chinese facilities powered by coal that are proven to be extremely damaging to the environment.
What’s the answer?
Clean energy is the answer.
There are a number of ways that such an approach can be applied, with the most obvious being solar power.
With the ability to generate energy wherever there is a considerable amount of sunshine, photovoltaic panels provide a desirable option that is both easy to install and maintain.
Solar power costs have dropped steadily since 2013, by as much as 60 percent in some cases, so the blockchain mining industry really should be looking at this renewable power source as one of the primary answers to the electricity question.
The solar power method isn’t without issue, of course, and as you’d imagine with solar power, the biggest issue is the weather.
A lack of sunshine and too much pollution can cause a sharp drop in productivity.
Geothermal energy is another option that’s becoming more popular and could prove to be the future for the blockchain mining industry.
An entirely renewable source of energy, the heat stored within the earth is an ideal source of electricity.
Nations such as Iceland are leading the way in geothermal energy, where volcanic activity moves closer to the surface of the earth meaning that the power can be accessed at an affordable rate and with virtually zero impact on the environment.
Unlike solar power, geothermal energy doesn’t suffer from any of the issues that weather can cause. Wind or sunlight doesn’t play a part in the end product.
The only real issue with this form of clean energy is that it has been limited to tectonic plate areas, which makes drilling very expensive, although advances in technology are helping to expand the range and size of resources available.
There are other energy sources available, such as tidal and hydro, so there are and will be more options available for the blockchain mining industry as time goes on.
One thing we do know is that as things are, mining just isn’t sustainable.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.