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A green revolution in crypto mining? Industry answers wake-up call

July 22, 2021. Summarized by summa-bot.

Compression ratio: 19.7%. 1 min read.

A number of leading mining firms have already started to make the transition toward clean renewable energy in recent months.

Earlier this month, publicly traded North American Bitcoin mining company Bitfarms revealed that it had been successful in its efforts to power nearly 1. 5% of the Bitcoin network using 99% clean energy.

Lastly, BitMEX, a crypto derivatives trading platform, also recently announced its decision to go carbon neutral, while Marathon Digital Holdings, a United States-based Bitcoin mining firm, hopes to achieve its target of 70% carbon neutrality in the near future.

When asked about his own company’s sustainability efforts, Tabar highlighted that despite powering nearly 2% of the global Bitcoin network, a vast majority of Bit Digital’s energy comes from carbon-neutral sources such as hydroelectricity, solar energy and other wind-based technologies.

On the matter of nuclear energy being explored by more mining farms in the future, Hawkins reiterated his belief that it “all comes down to cost efficiency,” adding that when the market is buoyant and bullish, Bitcoin mining is profitable across most regions, irrespective of the power costs incurred.

Therefore, time will tell how the future of the Bitcoin mining industry plays out from here on out, especially as more and more miners start to migrate to various crypto-friendly nations — such as those located in the Nordic countries or Central Asia — where there is a relative abundance of renewable energy.

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