There is a long debate going on within the crypto market according to which Bitcoin mining is a necessary evil, but at the same time, some thought should be given to how the cryptocurrency is mined and what resources are used to do so. Elon Musk was a very hard believer and supporter of Bitcoin and is still today, but there are some drawbacks and shifting of focus on his end regarding how Bitcoin uses non-renewable energy for the sake of mining. Bitcoin still relies for the majority of time on natural resources such as coal, oil, and gas to power the mining operation.
This doesn’t only leave a very negative impact on our environment as a whole but also considerably targets the performance of Bitcoin and the industrial checkpoints in place to measure the direct impact of mining on our environment. That is why Elon Musk took a step back from Bitcoin and stated that until the flagship cryptocurrency is not equal or above using 50% of renewable energy, Tesla will not be accepting Bitcoin as a mode of payment.
Bitcoin Mining with Renewable Energy
Another report has been released by the Bitcoin mining council in which the consumption rate of Bitcoin in terms of electricity has been recorded to measure the overall carbon footprint of flagship cryptocurrency. The report has shown that Bitcoin accounts for only 0.38% of the global energy wasted because of inefficiency. Other than that, when we talk about the overall energy consumption on a global scale, then Bitcoin only accounts for 0.12%. This might seem insignificant on paper, but it is quite large a number when compared with global energy consumption.
What Bitcoin needs to do is to invest in technology that allows for the redirection of all that wasted energy into Bitcoin mining so that it could be taken right off from being wasted and used for a productive purpose. A sudden shift to renewable energy is what is required of the crypto market to become not only a valuable asset but a sustainable platform for investors and traders minus the harms inflicted on our environment.