This post is very much open for discussion (in a neutral, informative and friendly way) as I have no energy sector background. I just thought it to be an interesting concept considering the way the world is shifting towards net-zero emissions.
We all know that mining bitcoin (Sha-256) is done using hardware that is energy consuming.
A valid point for discussion is - what will the "average Joe" miner do when the world converts to 100% (net-zero) renewable sources.
I know this isn't the sort of thing to happen over night... too many cars, too many businesses and homes worldwide rely on the power grid driven by nuclear or fossil fuel energy sources.
Suprisingly enough I've read that; Bitcoin mining is often criticized for consuming far too much electricity, especially considering how high current prices are in most parts of the world. For many people, the electricity costs far outweigh any possible earnings from Bitcoin mining, unless they have access to cheaper electricity. The time has come for Bitcoin miners to take a closer look at renewable energy sources, as this seems to be the way forward as far as generating electricity is concerned
I can't see a full transition overnight and I'm all in favour of saving the planet etc etc but I imagine especially the likes of the USA.... where biden is pushing very strongly for renewable energy sources and there are 330,584,439* people, relying solely on solar or wind energy would result in massive fluxuations right? Rolling black outs kind of thing especially as more newcomers take up mining.
*according to the website - https://www.census.gov/popclock/
The following is taken from the site https://themerkle.com/is-renewable-energy-the-future-of-bitcoin-mining/amp/
On paper, the idea of using renewable energy for bitcoin mining seems a bit farfetched. But in reality, there are very few options remaining for people interested in mining digital currency, unless they want to move to either Georgia or Iceland, where electricity is fairly cheap. Both of those countries have heavily invested in creating renewable energy sources over the past few years.
There are solutions available to Bitcoin miners all over the world, in the form of solar equipment to lower the electricity bill. What makes this concept even more interesting is how the necessary hardware can be bought with Bitcoin as well, thanks to companies such as https://www.bimblesolar.com/#
It goes without saying that renewable energy sources are drastically cheaper compared to traditional electricity. As a result, recovering the investment of the solar equipment shouldn’t take all that long. Once that investment has been recuperated, miners can start lowering their electricity bill one step at a time.
After I thought it to be an interesting concept I just wanted to know more.
Let me know what you think on the future relationship of bitcoin and "clean" energy and also costs vs investment ratio. Would it be profitable turning green? If so on what timescale?