How this mining pool strives to make Bitcoin greener

cointelegraph.com:

Bitcoin (BTC) miners consume massive amounts of energy to secure the network and process transactions. While the network offers many benefits, like banking the unbanked, Bitcoin’s energy consumption is a controversial topic for critics. However, new solutions are emerging to reduce the environmental impact of Bitcoin mining.

The Cambridge Center for Alternative Finance estimates that the Bitcoin network currently consumes about 109.34 terawatt-hours (TWh) per year. Bitcoin miners use this energy to generate hash keys. When they guess the correct key, they receive BTC as a reward for their contribution to securing the network.

Cambridge Center for Alternative Finance

The current electricity demand is at record heights, and there is a new influx of miners. However, many miners still rely on fossil fuels, contributing to the network’s reliance on dirty energy sources.

Most of the world is pursuing a green transition, stepping away from fossil fuels as much as possible. With Bitcoin relying on its proof-of-work (PoW) protocol, the network is targeted by critics like Greenpeace, as it does not align with the organization’s mission to make the world’s industries more sustainable. In addition, Bitcoin’s reputation is at stake, with governments mulling over strict regulations for the mining industry and brands like Tesla dropping BTC as a payment method.

In other words, this stride for sustainability is also relevant for the Bitcoin mining community. A switch to sustainable energy sources seems like a logical step to take, but it isn’t the easiest. In many countries, fossil fuels are simply the cheapest option, making them the first choice for miners.

Currently, many different initiatives are pushing Bitcoin in a greener direction.