One of the main obstacles Bitcoin mining must face is the narrative of alleged environmental contamination. It is about the Achilles heel that the pioneer cryptocurrency is currently facing. He himself has stopped the bull run that in March was shaping up to 100k.
Some critics of cryptocurrencies take for granted any accusation that fuels their bias. The same is true on the side of Bitcoin advocates. Both of them tend to exaggerate or minimize the real environmental impact of digital mining. However, while this is happening, the military industry generates 98% more pollution than crypto mining
Likewise, there are other factors that generate more greenhouse gases than Bitcoin. Among these, the gold industry stands out. On the other hand, the international banking system consumes more than double the energy required by all the farms in the world.
Bitcoin must face a biased narrative
The fact that many industries consume more energy and emit more carbon into the atmosphere than the mining of digital currencies is relevant. Thus, many influential figures, from businessmen to politicians, speak out against the “environmental dangers of Bitcoin mining.” At the same time, they refrain from commenting on open pit mining, just to mention one case.
In a recent work published in CryptoTendencia, the Galaxy Digital Mining report for the month of May is broken down. It, among other aspects, highlights some key aspects. For example, that the digital mining business is placed in a very lagged order of priority if it wants to change the polluting patterns.
In that sense, nullifying Bitcoin mining because it emits carbon into the atmosphere, but leaving other sectors intact, could be considered incongruous. To illustrate with a metaphorical example, this action could be equated with taking a drop of water from a glass because it is so full.
The set of these facts can lead to the conclusion that the attacks that Bitcoin mining must face are biased. This narrative is fed by centralized institutions and their agents in an attempt to stop the weakening of structures in the face of this emerging technology.
Open pit mining generates tens of times more pollution than Bitcoin, but it does not stand up to criticism from politicians and businessmen. Source: Week
Do you mean that the mining process does not pollute?
Although Bitcoin mining is attacked in a somewhat unfair way, this does not mean that the business is totally innocent. It should be noted that having an exact calculation of the level of consumption and carbon emission of the mining process is a complex matter.
In this scenario, it stands out that, in many countries, for each legal and supervised farm, there are four clandestine ones. The case of Iran is one of the most emblematic. The Persian nation is going through an energy crisis, so it turns to fossil fuel to keep the industrial sector active. According to the authorities themselves, 85% of the farms are operating illegally. In other words, they are extremely polluting agents.
You can be sure that the case of Iran is not isolated. This leads to the inevitable conclusion that the estimated carbon emission estimates from mining underestimate the real environmental impact of the business.
Faced with this reality, companies dedicated to Bitcoin mining have decided to take action. Today, important public figures such as Michael Saylor and others promote the use of clean energy.
The impact of the mining diaspora in China
One aspect that should always be kept in mind is the role of the Bitcoin mining ban in China. Some of the provinces of the Asian country, such as Xinjiang, operate with energy sources supported by fossil fuels such as coal and natural gas. That specific region was the global epicenter of digital mining.
Now, with the dismantling of farms in the province, the emission of carbon from digital mining decreases considerably. To this must be added that these miners are migrating to places where energy is renewable like Miami or Texas.
At the same time, it must be taken into account that miners, for business reasons, will always look for the cheapest energy sources. Currently, clean energy is cheaper than fossil fuel-based energy. In short, it can be said that there is a trend that is making Bitcoin mining greener.
As for mining machines, they are becoming more and more efficient, that is, they consume less and generate more Bitcoin. This fact offers advantages for investors, since it helps to reduce operating expenses. Likewise, it quantitatively alleviates the problem of possible carbon emissions.
The transition towards the use of clean energy in Bitcoin mining is an ongoing process. Unfortunately, the same does not happen in other sectors such as the military industry or open-pit mining.