Bitcoin Mining a waste of Energy?
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#Fakenews: Bitcoin mining electricity⚡️ consumption will drive more #climatechange .
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Bitcoin mining is a service by which anyone can run free software 💻on a computer that solves #algorithms to validate transactions in hopes of a financial💰 reward for solving correctly.
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This mining #industry has become very profitable 💸 and is driving the need for more #renewableenergy . ♻️
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The largest cost to running a #bitcoinmining #business is electricity⚡️, 60-90% of overall costs.
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This is driving demand for #innovation that reduces energy consumption costs, such as renewable ♻️ #hydro 💧#geothermal 🔥 #solar ☀️and #wind 💨 energy.
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This is evident as there are large concentrations of miners in #Sichuan #China 🇨🇳, Pacific NW of the #US 🇺🇸 and Iceland 🇮🇸, all places that have cheap #hydroelectricity. 💧⚡️
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Hydroelectricity 💧⚡️often times go to waste since most business are not near these plants and electricity⚡️ is difficult to transport out to them. Bitcoin miners are able to set up business near these plants because they do not need to be close to densely populated places🌄.
And don’t forget, just a handful of #fortune500 banks 🏦 and payments companies (who provide services that bitcoin #automates) use a lot more electricity ⚡️than bitcoin.
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