The blockchain industry is coming up with creative solutions to energy issues, some of which use the blockchain.
While much of the debate has centered around the negative environmental impacts of Bitcoin mining, the drive to maximize earnings from mining and integrate blockchain technology with the energy grid has also introduced new developments that have the potential to be beneficial in the long term.
Here’s a look at several developments that have arisen out of the demand for energy to operate blockchain networks and the positive effects cryptocurrency mining is having on the energy industry.
As the value of Bitcoin rose over time, the search for inexpensive energy sources led to the installation of shipping containers filled with mining equipment at drilling sites that can utilize the energy generated from flaring to mine BTC. While the process still results in carbon dioxide emissions, income is generated during the process and these funds could be redirected toward mitigating environmental concerns., which accounted for over 38% of the global flaring in 2020 and presented one of the biggest opportunities to turn wasted energy into value.
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