There is no doubt that the cryptocurrency mining industry has a significant role in the greenhouse effect but a recent report released by World Economic Forum (WEF) stated that this rapidly increasing industry can be a part of cleaning energy sector.
The cryptocurrency mining is one of the main causes of turning the consumption of electricity into financial profit. The process is generally boosted by electricity from non-renewable resources that are considered low-cost as compared to electricity from renewable resources.
If the target is set to reduce the curve of carbon emissions and the constant rising temperature of this planet, the industries require concentrating on energy generation and consumption behavior. The total amount of energy generation gained from renewable resources will augment by 2.9 percent every year. In the year 2012, the amount of energy gained from renewable resources was 22 percent and is expected to rise to 29 percent by 2040.
The report released on September 16, 2018, states that the cryptocurrency mining industry has all the possibilities to benefit considerably if the miners leveraged an abundance of clean energy although a plenty of crypto miners use non-renewable sources of energy.
While the above figures portray a vital advancement on the track of making a clean energy sector, the intermittent generation of energy will create financial challenges to the grid, consumers, and investors, WEF’s report clarified.
On the other hand, the reports further emphasized on the direct impact of the clean energy sector if the crypto mining process is accomplished with an excess clean energy. Even it will have a positive impact on the societies (on the individual, commercial and city level).
As far as the expansion of cryptocurrency mining industry gains on the individual level, the family can have an additional income by mining cryptos with the use of solar power. Only setting up a system is necessary while no extra cost for electricity will be spent due to the use of renewable solar energy, Blokt noted. On the other hand, the similar model can be applied at a large-scale for the commercial and industrial application.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]