Cryptomining and the Environment: Why It Should Matter to You
Cryptomining, at first glance, may not seem like an industry that comes frequently to mind in terms of potentially negatively impacting the environment. Your fracking, oil drilling, and natural gas harvesting operations are the heavy hitters in terms of who is capturing the attention of the environmentally conscious.
Cryptomining for most is a discussion about bits and pieces of data floating in the cyberworld. Many people would first be concerned with cybersecurity and cyber threats vs. how cryptocurrency mining may impact the environment. While the security of data is a valid concern, cryptocurrency mining operations do have a responsibility for their impact on the environment.
Where it all starts
To mine for cryptocurrencies like Bitcoin and Ethereum, most commonly a system will require a large intake of energy. For perspective: to mine 1 Ether would require approximately 14,570 watts of electricity per hour. The average homeowner’s dryer requires 2250 kWh per cycle, and on average a dryer will run for 45 minutes. This massive amount of energy required to keep a mining operation up and running for any length of time is a huge draw on energy consumption and availability. There are countries that have collectively lower power usage consumption rates than those operations involved in cryptocurrency mining in the United States.
Are there other ways to validate cryptocurrency transactions? Absolutely, but the mining method is the most common and generally most accepted and practiced method.
Where are the opportunities for improvement?
Most of the cryptocurrency mining of Bitcoin happens in the United States – a share of 35%. This number is expected to grow, as well as the overall mining rate for cryptocurrency worldwide, as the adoption and usage rate of cryptocurrency increases. A side effect of this massive consumption of energy is the waste it produces – roughly estimated at 96 million tons of carbon dioxide. With the lion’s share of the mining occurring in the United States, and the United States supplying most of its energy needs through fossil fuels, the concerns for the impact on local and global environments are well-founded. In addition to the consumption of fossil fuels partnered with the massive production of carbon dioxide waste, there is additional waste in the form of electronic waste as the technology to mine cryptocurrency becomes obsolete at a rapid pace. Especially for the Application Specific Integrated Circuit (ASIC) mining operation, the technology outpaces the longevity of the material needed.
Do not despair – there are more environmentally-conscious solutions available through SOLminer.
SOLminer Offers Forward-Thinking Mining, Available Now
SOLminer can assist with selling back any excess power you produce which may, in turn, provide tax credits. That energy produced is not wasted and can ultimately add to your profit margins. Our operating solutions also provide customized solutions based on your specific needs. What this means is that if your demands adjust, we can adjust to your needs at the moment.
SOLminer Can Manage Your Mining Needs, Responsibly
SOLminer is ready to make sure that regardless of your goals to mine with ASIC or GPU, you have the safest, best-secured, and best-equipped site to manage your mining operation. SOLminer offers solutions for both GPU and ASIC (see more about mining ASIC and GPU with SOLminer in our blog ASIC vs. GPU: Which fits your needs?) with state-of-the-art power and cooling configurations to minimize any disruptions. We also take special care to protect and secure your operations from both a technology and physical location perspective, taking great aim to make sure that your privacy is secured online and on the grounds.
We’re able to offer large-scale hosting solutions for your operation with a personalized approach for the needs of every customer. Our staff is committed to providing holistic management- from monitoring electrical components and environmental factors to trouble-shooting or solutioning for any concerns that arise.
Contact us today to find out how SOLminer can help your operation reach your goals faster and more effectively.