The number of miners working with “green” energy is growing

Regular criticism about the possible environmental damage to which miners are subjected is forcing them to make more and more efforts to find “green” initiatives. 

The role of miners in the digital asset industry is extremely large. The PoW algorithm needs to perform computationally intensive processes. All this provokes criticism, including from regulators. According to calculations, the annual consumption of the cryptocurrency mining industry reaches 249 kWh, which corresponds to the level of consumption of entire countries, such as Argentina. This could lead to decisions to ban mining activities altogether. This is the path taken by the Chinese authorities. 

For their part, industry representatives are trying to find a solution, resorting to renewable energy sources. According to Global Bitcoin Mining Data, in 2022, more than 59% of miners were using green energy.

 Such initiatives are supported by regulators. Moreover, the “flexible demand concept” is increasingly being practiced. It means stopping cryptocurrency mining during periods of high load on the network. In particular, many miners shut down on their own during the recent storm in the United States.