Is Renewable Energy The Future of Bitcoin Mining?

Bitcoin mining is often criticized for consuming far too much electricity, especially considering how high current prices are in most parts of the world. For many people, the electricity costs far outweigh any possible earnings from Bitcoin mining, unless they have access to cheaper electricity. The time has come for Bitcoin miners to take a closer look at renewable energy sources, as this seems to be the way forward as far as generating electricity is concerned.   

Also read: P2Pool Bitcoin Mining Is Far Less Popular Compared to Traditional Mining

Bitcoin Mining and Renewable EnergyTheMerkle_Solar Power Bitcoin Mining

On paper, the idea of using renewable energy for Bitcoin mining seems a bit farfetched. But in reality, there are very few options remaining for people interested in mining digital currency, unless they want to move to either Georgia or Iceland, where electricity is fairly cheap. Both of those countries have heavily invested in creating renewable energy sources over the past few years.

There are solutions available to Bitcoin miners all over the world, in the form of solar equipment to lower the electricity bill. What makes this concept even more interesting is how the necessary hardware can be bought with Bitcoin as well, thanks to companies such as Bimblesolar.

Note from the author: The author and TheMerkle are NOT endorsing the aforementioned website. Any orders placed are the sole responsibility of the consumer.

It goes without saying that renewable energy sources are drastically cheaper compared to traditional electricity. As a result, recovering the investment of the solar equipment shouldn’t take all that long. Once that investment has been recuperated, miners can start lowering their electricity bill one step at a time.

From an environmental perspective, renewable energy for Bitcoin mining makes a lot of sense as well. Other than the electricity required to power all of this hardware, there is a carbon footprint to take into account as well. Helping out the environment, as well as saving on electricity costs, seems to be the golden combination.

When deciding to venture into the world of renewable energy for Bitcoin mining purposes, there are a few factors to take into consideration. First of all, one has to decide how they want to power their miner, by either getting an On Grid system or a Hybrid system. Both options have their advantages, although there is no cookie-cutter solution for every Bitcoin miner out there.

Accessible To Everyone, But Is It Worth It?TheMerkle_Renewable Energy Bitcoin

Technically speaking, anyone in the world can access renewable energy, but that doesn’t make it the best solution for every Bitcoin miner. Some parts of the world will not be eligible for shipping solar power energy solutions, making this a less than a favorable solution for those regions.  

Additionally, there are a lot of people who will be facing a hard time making any sort of profit from mining Bitcoin, even when using renewable energy sources. The overall investment cost for obtaining Bitcoin hardware, getting it delivered, and , maintaining it at stable speeds is not worth the hassle for a lot of people.

Instead, those users will opt for other solutions such as cloud mining. But even in this sector, a lot of companies could benefit from looking into renewable energy sources. Granted, it requires a huge cash flow to get the ball rolling, but there is no reason not to contemplate the possibilities in this day and age.

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  • spassbold

    Or one might consider mining coins that do something actually useful, like folding proteins ([email protected]) , simulating possible cures for AIDS (worldcommunitygrid) and similar things with the energy.

    then the energy is also not wasted. Check out Gridcoin, that rewards BOINC computations in a decentralized way.