One of the main obstacles Bitcoin mining must face is the narrative of alleged environmental pollution. This is the Achilles heel currently facing the pioneering cryptocurrency. The same, has stopped dry the bull run that in March was shaping up towards 100k.
Some critics of cryptocurrencies take for granted any accusations that fuel their bias. The same goes for the side of Bitcoin advocates. Both tend to exaggerate or minimize the real environmental impact of digital mining. However, while this is happening, the military industry generates 98% more pollution than crypto mining
There are also other factors that generate more greenhouse gases than Bitcoin. Among these, the gold industry stands out. On the other hand, the international banking system consumes more than twice the energy required by all farms in the world.
Bitcoin must face a biased narrative
The fact that many industries consume more energy and emit more carbon into the atmosphere than the extraction of digital currencies, is relevant. Thus, many influential figures, from businessmen to politicians, demonstrate in front of the”environmental dangers of Bitcoin miningยป. At the same time, they refrain from commenting on open pit mining, just to mention one case.
In a recent work published in Crypto Trend, the report breaks down Galaxy Digital Mining of the month of May. It, among other aspects, highlights some key aspects. For example, that the business of digital mining, is placed in an order of priority far behind if you want to change polluting patterns.
In that sense, canceling Bitcoin mining because it emits carbon into the atmosphere, but leaving other sectors intact, could be considered incongruous. To illustrate with a metaphorical example, one could equate this action with taking a drop of water from a glass because it is very full.
The combination of these facts may lead to the conclusion that the attacks faced by Bitcoin mining are biased. This narrative is fed by centralized institutions and their agents in an attempt to stop the weakening of structures in the face of this emerging technology.
Do you mean that the mining process does not pollute?
Although Bitcoin mining is attacked in a somewhat unfair way, this does not mean that the business is completely innocent. It should be noted that having an accurate calculation of the level of carbon consumption and emission of the mining process is a complex matter.
In this scenario, it stands out that, in many countries, for each legal and supervised farm, there are four clandestine ones. The case of Iran is one of the most emblematic. The Persian nation is going through an energy crisis, so it uses fossil fuel to keep the industrial sector active. According to the authorities themselves, 85% of the farms are operating illegally. In other words, they are extremely polluting agents.
One can be sure that the case of Iran is not isolated. This leads to the inevitable conclusion that the estimated carbon emission calculations of mining underestimate the real environmental impact of the business.
Faced with this reality, companies engaged in Bitcoin mining, have decided to take action. Currently, important public figures such as Michael Saylor and others, promote the use of clean energy.
The impact of the mining diaspora in China
One aspect that should always be looked at, is the role of the ban on Bitcoin mining in China. Some of the provinces of the Asian country, such as Xinjiang, operate with energy sources sustained by fossil fuels such as coal and natural gas. That specific region was the global epicenter of digital mining.
Now, with the dismantling of farms in the province, the emission of coal from digital mining, decreases considerably. To this must be added that these miners are migrating to places where energy is renewable such as Miami or Texas.
At the same time, it should be borne in mind that miners, for business reasons, will always look for the cheapest energy sources. Today, clean energy is cheaper than fossil fuel-based energy. In short words, it can be stated that there is a trend that is making Bitcoin mining greener.
As for mining machines, they become more and more efficient, that is, they consume less and generate more Bitcoin. This fact offers advantages for investors, as it helps to reduce operating expenses. It also quantitatively alleviates the problem of potential carbon emissions.
The transition to clean energy use in Bitcoin mining is an ongoing process. Unfortunately, this is not the case in other sectors such as the military industry or open-pit mining.
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