Bitcoin

<ul class="list-ic vertical"> 
 <li> 1 <a>A number of factors have forced the mining companies to adopt alternative energy sources.</a> </li> 
 <li> 2 <a>The early adopters gained very promising results from switching power sources.</a> </li> 
 <li> 3 <a>Many leaders of these companies have expressed their views on this adoption.&nbsp;</a> </li> 
</ul> 
The tree huggers and crypto critics have always criticized the Bitcoin mining activity for its energy consumption. By all accounts, it surely guzzles a lot of power to generate precious digital assets. Moreover, the crypto industry has seen quite a few discouraging incidents lately. They are making mining more expensive and forcing the miners to look for alternate ways. 
<h2 class="wp-block-heading" id="strong-what-is-turning-the-tides-for-crypto-miners-strong">What is Turning the Tides for Crypto Miners?</h2> 
In the year 2021, most people were quite hopeful about the success of crypto. After all, the pandemic brought the whole world to a standstill. Governments were seeking alternative methods for making payments and for a solution to support economies as well. Crypto had a fair chance to emerge as a savior amidst all. As a result, mining companies took massive loans to kickstart or expand their operations. 
But things started going south with the collapse of <a href="https://www.thecoinrepublic.com/2023/09/14/ftx-can-liquidate-3-4-billion-crypto-assets-u-s-court-approves/" rel="noopener noreferrer nofollow">FTX</a> and Celsius. Many of these companies went bankrupt or stalled their operations. Shortly afterward, the downtrend began as a double whammy for many crypto entities. Mining companies had no option but to switch to cut down on their expenses. The best way to incorporate that was to adopt cost-effective energy resources.&nbsp; 
Thus, many miners did the same and the results were rather impressive. It enabled them to decrease costs, ensure profits, and reduce the carbon footprint in some cases.&nbsp; 
<h3 class="wp-block-heading" id="strong-what-the-miners-think-about-this-switch-strong">What The Miners Think About This Switch?</h3> 
Most companies have reported positive results with this adoption. The managing director of Swan Bitcoin, a Bitcoin-based service company confirmed it. He said that the average rate to mine cryptocurrencies has drastically come down. Earlier, the companies spent around $26,000 on a single <a href="https://www.thecoinrepublic.com/2023/09/18/bitcoin-nears-30k-following-grayscale-interim-victory-in-d-c/" rel="noopener noreferrer nofollow">Bitcoin</a>. But with renewable energy sources, it takes between $5000 to $15,000.&nbsp; 
Riot Blockchain, a publicly traded mining company, also said the same thing. The company has recently started using wind and solar energy. It registered that the price of generating a single Bitcoin has now come down to $8,389. Kent Halliburton, the COO of Sazmining, a hosted BTC mining provider agreed upon the same. He stated that electricity was the biggest expense for the mining companies.&nbsp; 
Halliburton further emphasized that if the mining industry totally runs on renewable power, it can become a sustainable domain very soon. As per some sources, 59% of the mining operations are now carbon-free. More importantly, they are growing at a rate of nearly 4.5% per year. Moreover, he said all of Sazmining’s mining plants in Paraguay and Wisconsin are utilizing hydroelectricity.&nbsp; 
<h3 class="wp-block-heading" id="strong-upshot-strong">Upshot</h3> 
Besides the cost, using renewable energy makes the operations fit for the long term. Since the world is going on an eco-friendly living spree, it won’t take too long for the governments to train their guns on power-intensive mining. Therefore, it is the best move for mining companies to switch to renewable energy. The step can be difficult as sustainable power is not abundantly available.&nbsp; 
While that’s a discussion for another time, it’s good to know that miners are keen to go green.&nbsp;

Bitcoin Miners Keen to Adopt Alternate Energy Source to Cut Costs

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Thecoinrepublic.com

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