Using renewable resources in Bitcoin Mining

[hd49728]

What you are saying is correct. The world will change, and the industry will evolve with renewable energy. I guess the mining company will also adjust their power with renewable energy. I think they already use it from a long time ago before the media blew the issue up.

Years ago, solar power is far from hands of the public and they can not use solar power. Today, it is very common from urban to sub-urban areas, from big to small companies, and in many nations.

But for home mining that is run by personal, they do not think about renewable energy because the cost will still be too high for them to install renewable energy. Maybe later, if those companies can reduce their price to install renewable energy, people will start moving from the current energy to renewable energy. If that can happen to all companies mining bitcoin, the electricity cost will reduce, which will trigger bitcoin to have more popular because the mining process will not make a problem in the future.

I think mining farms that are from personal investments or small group investments will adapt to. If they have demand to reuse power, energy, temparature, and the future technology is feasible, cheap enough for them, they will use it.

Everyone want to save cost if we can and mining farms do too. If they see benefit is bigger than cost, they will invest more. Mining rigs are not cheap, honestly but people still invest and participate in crypto mining.

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[michellee]

What you are saying is correct. The world will change, and the industry will evolve with renewable energy. I guess the mining company will also adjust their power with renewable energy. I think they already use it from a long time ago before the media blew the issue up.

Years ago, solar power is far from hands of the public and they can not use solar power. Today, it is very common from urban to sub-urban areas, from big to small companies, and in many nations.

If you live in a big city, maybe you can install solar power without a problem and you do not have to pay a high cost. But I am not sure that the developing country will have the same cost as the material will not be cheap as in the big country. So maybe for them need solar power needs to wait for a while until the cost can reduce.

But for home mining that is run by personal, they do not think about renewable energy because the cost will still be too high for them to install renewable energy. Maybe later, if those companies can reduce their price to install renewable energy, people will start moving from the current energy to renewable energy. If that can happen to all companies mining bitcoin, the electricity cost will reduce, which will trigger bitcoin to have more popular because the mining process will not make a problem in the future.

I think mining farms that are from personal investments or small group investments will adapt to. If they have demand to reuse power, energy, temparature, and the future technology is feasible, cheap enough for them, they will use it.

Everyone want to save cost if we can and mining farms do too. If they see benefit is bigger than cost, they will invest more. Mining rigs are not cheap, honestly but people still invest and participate in crypto mining.

At least, they will search for other energy to continue the mining process because if they still use the regular electricity, that can cost them a high fee to pay the electricity.

The rigs for mining still expensive and not many people can buy that hardware. Besides that, they need to adjust their hardware with the newest hardware to earn more rewards.

[Lorence.xD]

What we actually need isn't new resources for energy because we have a lot of that right now and we have no use for most of them because we have no energy storage which we should focus right now because most renewable energy isn't reliable, sometimes the wind isn't that strong and sometimes when it's strong, the extra energy that was produced are sometimes dispersed because there's no storage for extra energy.

[swiftbits]

They might not be a populous country, but they could start this journey of discovery and get insights from them.
Using renewable can help cut costs; this could be profitable as long as they modulate it effectively.

[stompix]

El Salvador  going to use Volcanic sources of energy to mine Bitcoins

Salvador is going to invite miners to mine there, not mine themselves! Big difference!
And the key for miners going there is the cost, green or dark, red or yellow the price per kWh is the one that matters.
If Salvador will not be able to offer energy cheaper than what others do, nobody will move there to mine, and the second problem is the amount of energy they have at their disposal, they claim they have 90MW, but that plant was in construction for years, it wasn't built yesterday and it's just surplus that will fed miners alone.

There is green energy everywhere, Italy has more geothermal energy than the entire potential Salvador has, but there are no giant mining farms there. California has the biggest geothermal powerplant in the world, with 1600MW, but look where miners in the US are moving to, good old coal, and why ??

Marathon will pay $0.028/kWh for the energy, which is about a quarter of the average US domestic rate of around $0.11/kWh.

The price per kWh is all that matters, the gree stuff is propaganda.

Unless Salvador manages to keep it under 2 cents per kWh despite rise in consumption it will attract miners, if not, simple, no!