Green Bitcoin initiatives spring up following Elon Musk’s Twitter frenzy
Tesla’s suspension of Bitcoin payments because of energy implications gathered many responses from the industry. Saying that the network could be operated in a sustainable way. Now Green Bitcoin initiatives have started popping up.
The suspension of Bitcoin payments to its extreme power consumption sparked a Bitcoin sell-off that dropped 13% in 24 hours.
This raised questions that affect the image of cryptos in the public eye. That is why various players in the industry came forward to show that Bitcoin and cryptocurrencies could be more environment friendly. The energy required to mine does not necessarily come from non-renewable sources. There are also other cryptocurrencies that use less electricity than Bitcoin. This is because of Proof-of-Stake (PoS) or other consensus algorithms that need less computational power to function.
Green Changes Driven to Build Up Bitcoin’s Proof-of-Work Algorithm
The co-founder of Siphox and Powx, Michael Dubrovsky, reveals that the nonprofit Powx writes a Bitcoin Improvement Proposal (BIP) that is aiming to produce a “durable, low energy” Bitcoin Proof-of-Work (PoW) system.
The paper explains how the algorithm, named “Optical Proof-of-Work (OPOW)” can greatly reduce energy dependency by clouting photonics.
There have been changes that can be achieved to the Bitcoin protocol to make it less energy-grabbing. Its decentralized nature makes the upgrading a long process.
Bitcoin Mine in New York goes Carbon Neutral
A New York-based bitcoin mining operation, Greenidge Generation, announced that they will be carbon neutral in June after the media storm that got a lot of people talking about the environmental impact of cryptocurrency mining.
Greenidge’s real estate is 150 acres in size, has on-site power plant able to generate over 100MW of clean energy per hour. The plant is using natural gas to generate electricity that runs at high levels of thermodynamic efficiency. It lowers the cost of producing power.
“We are demonstrating we can provide the same critical transaction verification and processing services to secure the bitcoin network while maintaining a fully carbon neutral footprint. We call on others to join us in significantly reducing greenhouse gas emissions now.”
Jeffrey Kirt, CEO of Greenidge Generation Holdings
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