Many economists and environmentalists warn that as the still widely misunderstood digital currency grows in price, the process of mining that is central to its existence and value is becoming increasingly energy intensive and potentially unsustainable.
A crane is seen at the site of a building holding computer equipment used in cryptocurrency"mining" that relies on electricity from an adjacent coal-fired power plant, on April 20, 2022, in Hardin, Mont. Determining how much energy the industry uses is difficult because not all companies report their use.
In the world of bitcoin mining, access to cheap and reliable electricity is everything. But many economists and environmentalists have warned that as the still widely misunderstood digital currency grows in price — and with it popularity — the process of mining that is central to its existence and value is becoming increasingly energy intensive and potentially unsustainable.
Marathon Digital, for example, currently has about 37,000 miners, but hopes to have 199,000 online by early next year, the company said. “Repowering or expanding coal and gas plants to make fake money in the middle of a climate crisis is literally insane,” Yvonne Taylor, vice president of Seneca Lake Guardians, said in a statement.
Some say the solution is to switch from proof-of-work verification to proof-of-stake verification, which is already used by some cryptocurrencies. With proof of stake, verification of digital currency transfers is assigned to computers, rather than having them compete. People or groups that stake more of their cryptocurrency are more likely to get the work — and the reward.
Marathon Digital is one of several companies pinning its hopes on tapping into excess renewable energy from solar and wind farms in Texas. Earlier this month the companies Blockstream Mining and Block, formerly Square, announced they were breaking ground in Texas on a small, off-the-grid mining facility using Tesla solar panels and batteries.
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