Why green bitcoin mining has become a trend?

[Robinson66]

Because electricity is relatively expensive, miners in many areas cannot afford to pay electricity bills for mining. Moreover, the government feels that Bitcoin mining is a waste of electricity because of environmental governance. China has banned China because of environmental governance Mining within the territory, so now everyone is beginning to advocate green mining. The green mining government also supports it.

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[Lorence.xD]

Because electricity is relatively expensive, miners in many areas cannot afford to pay electricity bills for mining. Moreover, the government feels that Bitcoin mining is a waste of electricity because of environmental governance. China has banned China because of environmental governance Mining within the territory, so now everyone is beginning to advocate green mining. The green mining government also supports it.

That's a superficial reason for the trend of green energy, yes it's cheap but I think that the reason for the trend is probably because people are getting more conscious with their impact on the environment so anything that promises a less impact is going to be attractive to the consumer and since advertisers take advantage of this that's why we see it trend.

[Shenzou]

I think that most of the bitcoin mining farms, are using clean energy to power their equipment, and i mean the big companies that are constantly mining  24/7 and not the individuals that run a mining rig from their garage, because in the long term the power consumption cost is very high and makes the profit from the mining highly dependent on the price of the bitcoin, but if you invest in a solar power or wind power energy system, you can start making bitcoin for free as soon as you pay of the cost.

[romanasharma]

If you compare the energy spend in the mining of Bitcoins to the number of resources wasted in the production of fiat money and further maintaining a banking sector to maintain, produce and distribute it, it is more environmentally friendly.

Further, a large number of miners are migrating to Iceland because of the low electricity prices the country has, the reason it gets it from renewable resources. As an alternative to paper currencies, bitcoin is advantageous. At the same time, we can't fully depend on cryptocurrency because the high inflation and deflation rates can make it a disaster for daily use.

My say is, since Bitcoin is the most popular choice, it should embrace the power of stake or other consensus mechanisms which uses less energy to make it more approachable for the environment-conscious people.

[leea-1334]

I think that most of the bitcoin mining farms, are using clean energy to power their equipment, and i mean the big companies that are constantly mining  24/7 and not the individuals that run a mining rig from their garage, because in the long term the power consumption cost is very high and makes the profit from the mining highly dependent on the price of the bitcoin, but if you invest in a solar power or wind power energy system, you can start making bitcoin for free as soon as you pay of the cost.

Given that most of those farms were already using hydro power (which in China and most of the ex Soviet nations on Asian continent are) then yes,,, already most of them were using clean energy. But as pointed out above, hobby miners who try solar as an alternative have high costs, while companies get big subsidies from the state. So it makes sense to them to do so. The FUD against miners are just that, a useless and non-fact FUD.

[Betwrong]

I think that most of the bitcoin mining farms, are using clean energy to power their equipment, and i mean the big companies that are constantly mining  24/7 and not the individuals that run a mining rig from their garage, because in the long term the power consumption cost is very high and makes the profit from the mining highly dependent on the price of the bitcoin, but if you invest in a solar power or wind power energy system, you can start making bitcoin for free as soon as you pay of the cost.

Given that most of those farms were already using hydro power (which in China and most of the ex Soviet nations on Asian continent are) then yes,,, already most of them were using clean energy. But as pointed out above, hobby miners who try solar as an alternative have high costs, while companies get big subsidies from the state. So it makes sense to them to do so. The FUD against miners are just that, a useless and non-fact FUD.

I agree. That, or manipulation of facts.

Yes, we should reduce CO2 emissions, but the goal has little to do with Bitcoin mining. Electricity is the source of only 25% of greenhouse gases, and global Bitcoin network currently consumes around 80 terawatt-hours(TWh) of electricity annually, while the world total electricity consumption is 22,315 TWh. You do the math.

[Renampun]

Because the enviromental FUD became quite strong recently, ever since journalists started making headlines like "Bitcoin uses more energy than country X", public perception has started shifting to negative. When I saw people on reddit mention Bitcoin in unrelated conversations, the most common sentiment was "what is Bitcoin, what is it useful for?", today it's "Bitcoin is really bad for environment". So some miners want to publicly announce that they are swithing to green to combat this FUD, hopefully increasing the price of BTC.

right, Bitcoin green energy mining is becoming a trend to fight FUD which spread...

Bitcoin mining is the cause of great environmental damage is FUD which is always spread by China and several European countries to inhibit the growth of Bitcoin. when Bitcoin green energy mining becomes the majority then the FUD will no longer useful.

[AicecreaME]

I think the reason why more bitcoin mining is going green now is due to being more sustainable, efficient, affordable, and friendly in the environment. Utilizing the renewable source of power instead of the non-renewable will reduce the cost and the possible negative effects to the climate of our planet. Majority of the organizations are now advocating for more environmental-friendly ways to sustain the needs of the industry. Hence, it explains why more mining corporations are now switching to the alternative ways on generating energy and power to fuel their electricity in the mining sites. The non-renewable energy sources are also becoming more expensive and are becoming limited because of high demand and little supply. That is why it is really much better to go green, that way we can also help the reduction of carbon footprint that is one of the major reason of global warming.

Although, the first investment would surely cost a lot. But it will definitely be worth it after several years of usage. The invested capital will be gained back in just a matter of time.

[TheGreatPython]

According to what I know, bitcoin mining needs energy, whether that energy is from the sun, coal, fossil fuels and others, mining needs energy, so using renewable energies will not give you an additional advantage or more profits. Why do some miners leave or use solar energy?
Does anyone have statistics or percentages of the extent of solar energy use, and is all this fuss because of Tesla, or is it media reports trying to gain more views?

The government doesn’t care whether the percentage of energy being used by cryptocurrency mining is less than the world usage, they don’t care, as long the energy is high to them,, then it’s high. A lot of people have come for bitcoin in that it consumes a lot of energy. That has always been one of their points to make whenever they want to get a lot of people to dislike bitcoin.

We have seen Elon Musk take that as excuse that he doesn’t support bitcoin because of the energy consumption is too high, and he keeps dropping that statement all the time. So, if renewable energy would be a better way to go, then it’s best that miners choose it, and that way they can reduce on the level of energy consumption.

[Alanaz]

Why do some miners leave or use solar energy?

they abandoned heavier mining and switched to solar power systems, why haven't they complained about the shift until now? so when they switch and use solar power, then they already know what the results will be. may have been a calculation from the start. it's just that we can't find a transparent statement of the mining results that they have done so far.

[Kiley33]

Because of our global warming, governments around the world are looking for ways to control the environment. Since mining requires energy, various media will report on the harmful environment of Bitcoin mining, which will cause some negative effects. So green energy mining reduces environmental pollution,

[o_e_l_e_o]

Yes, we should reduce CO2 emissions, but the goal has little to do with Bitcoin mining. Electricity is the source of only 25% of greenhouse gases, and global Bitcoin network currently consumes around 80 terawatt-hours(TWh) of electricity annually, while the world total electricity consumption is 22,315 TWh. You do the math.

Exactly, but the media doesn't report that. They just come out with nonsense statements comparing the electricity consumption per transaction to that of Visa or comparing the bitcoin network to that of a country, which get clicks and views but are completely meaningless. Energy consumption is just an easy stick to hit bitcoin with, because it's easy for the average person to comprehend and most people will just believe whatever is written without looking at the actual data behind it.

Because of our global warming, governments around the world are looking for ways to control the environment.

Bitcoin mining is an easy target. They can't limit electricity to homes, or else people would get angry and the government's polling numbers would suffer. They can't limit electricity to businesses without affecting economic output, which is the last thing any government wants to do on the back of COVID. So they look for easy targets for reducing electricity consumption, and bitcoin mining happens to be one of those targets.

[BlackHatCoiner]

According to what I know, bitcoin mining needs energy, whether that energy is from the sun, coal, fossil fuels and others, mining needs energy, so using renewable energies will not give you an additional advantage or more profits.

The environmentally-friendly phenomenon we're living in has to do with human's greed. Essentially, Bitcoin uses that greed for the common good. The miners will always choose the cheapest resource to increase their profit. Thus, they'll either move to places where electricity is very cheap or use renewable energy sources instead. The fact that they're good for the environment doesn't have to do with their choice; mining's incentive was always to maximize your profit. (minimize the costs)

Does anyone have statistics or percentages of the extent of solar energy use, and is all this fuss because of Tesla, or is it media reports trying to gain more views?

For Bitcoin? There's no way to calculate the “green hashes”. I doubt if you could somehow approach that number. Some studies show that the majority of them are green, but I have no idea how they calculated it.

As for Elon; professional fudster.

[o_e_l_e_o]

Some studies show that the majority of them are green, but I have no idea how they calculated it.

There are different methodologies which different reports have used. The CoinShares reports for example, (https://coinshares.com/research/bitcoin-mining-network-december-2019), estimated the hashrate present in each region of each country, and multiplied that by the green/dirty energy mix which was used on average in that region, to reach a figure of 74% renewables. The Bitcoin Mining Council, on the other hand, surveyed as many miners as would respond, and found 67% renewable usage among surveyed miners. When considering that miners with high renewable use may have self selected to respond to said survey, they reached an adjusted figure of 56% renewable.

No methodology will ever be exact, and numbers will vary, but the conclusions are always the same: On a global scale, bitcoin uses an insignificant amount of electricity, and significantly more than average of the electricity it does use is green.

[hd49728]

There are different methodologies which different reports have used. The CoinShares reports for example, (https://coinshares.com/research/bitcoin-mining-network-december-2019), estimated the hashrate present in each region of each country, and multiplied that by the green/dirty energy mix which was used on average in that region, to reach a figure of 74% renewables.

I downloaded the report and read it. Thank you for sharing the report.

The Bitcoin Mining Council, on the other hand, surveyed as many miners as would respond, and found 67% renewable usage among surveyed miners. When considering that miners with high renewable use may have self selected to respond to said survey, they reached an adjusted figure of 56% renewable.

Would you mind sharing the report from Bitcoin Mining Council, please.

I search and found two interesting reports from Bitcoin Mining Council
GLOBAL BITCOIN MINING DATA REVIEW Q2 2021
Bitcoin Mining Council Survey Confirms Sustainable Power Mix. Is this the report you mentioned?

No methodology will ever be exact, and numbers will vary, but the conclusions are always the same: On a global scale, bitcoin uses an insignificant amount of electricity, and significantly more than average of the electricity it does use is green.

There are myths about Bitcoin mining and its harmful effects on the planet. In fact, people, bitcoin protesters try to exaggerate it in order to make Bitcoin looks like to be much more harmful that what it is.

[clint25n]

maybe this tends.to be a cheaper.price to get it and.can also be trendy very useful for novice.miners at a.relatively cheaper.price than usual, what green miners.do.can
.be trendy as well because this is.also very it's.good for us beginners.with a fairly.cheap price for the future, so.that's where green miners.are more trendy than bitcoin today

[o_e_l_e_o]

Would you mind sharing the report from Bitcoin Mining Council, please.

Yup, those ones you linked. They also hosted a presentation and Q&A regarding that report here: https://www.youtube.com/watch?v=9KbOXG0EMuY. If you don't want to watch the whole thing, the question as to how they came up with their final estimate is asked and answered at 22:23.

There are myths about Bitcoin mining and its harmful effects on the planet. In fact, people, bitcoin protesters try to exaggerate it in order to make Bitcoin looks like to be much more harmful that what it is.

Then shut down all non-renewable energy production tomorrow, and see which industries are most affected. Most homes and businesses would cease to function almost immediately. Bitcoin would continue just fine, albeit with increased block times for a few weeks.

[Obito]

maybe this tends.to be a cheaper.price to get it and.can also be trendy very useful for novice.miners at a.relatively cheaper.price than usual, what green miners.do.can
.be trendy as well because this is.also very it's.good for us beginners.with a fairly.cheap price for the future, so.that's where green miners.are more trendy than bitcoin today

Equipment for a green energy is expensive right now but the pay off is that there's less expense when it comes to electricity since you get your source for free. I think that the bigger trend is the part where more people cares more about the environment than the past because they have seen calamities that's the result of climate change.

[imstillthebest]

this all started because of elon . he want the btc to be like his tesla but isnt it great if majority of the miners are now using natural sources of energy instead of the traditional which can cause harm for the people or for the environment .
 its nice to know that elon has a care too for the world and not only for himself .
 in the picture obviously btc energy consumption is lower compare to the world is using because bitcoin is not global and not all are mining a btc .

[ILuckyGuyI]

Renewable energies are much better for the environment compared to fossil fuel etc.. So it's better for miners to use them at a high rate.

By the way, few days ago, Elon Musk said that Tesla would start accepting Bitcoin as a payment method again if renewable energies are used in Bitcoin mining more than 50%. I don't know if he really cares about it but people in general really want to see mining activities being made with renewable energies.