Bitcoin is a cryptocurrency that relies on mining to mine new coins, run its proof of work mechanism and maintain a public ledger.
The mining process requires heavy computer machinery and it’s also a pretty energy-intensive process. And as more currency is being mined the cryptographic hashes are becoming more complex and difficult to solve. This means it uses more and more energy as the ecosystem progresses.
The Bitcoin Mining Council’s research suggests that by 2021, bitcoin was using 58.5 percent renewable energy. A recent report from the Norwegian government also suggests that it is making progress towards renewable energy-based Bitcoin mining. Norway runs on 100% renewable energy with 88 percent coming from hydroelectricity and the rest from wind. This energy composition makes it easier to set up entirely renewable-based mining farms in the country.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
