The crackdown of China on crypto mining has inflicted chaos on the BTC mining industry; however, some people are seeking to convert this crisis into some business opportunities by providing sustainable and profitable alternatives in locations that are more crypto-friendly. The quest for substitutive sustainable solutions for Bitcoin (BTC) mining exaggerated after the CEO of Tesla ‘Elon Musk’ declared that his firm would no more accept BTC payments, because of the environmental concerns related to it, for fueling its collapse relating to the gross price. Musk guaranteed that a reconsideration about accepting Bitcoin would be done by him after its’ clean energy consumption up to 51%.
Keeping it in view, various competitors from the United States started pushing for further dominance in the crypto industry. Recently, an agreement has been signed between Energy Harbor Corp (an energy-providing company) and Standard Power (a noticeable hosting provider for the firms operating blockchain mining). The contract presents a 5-year utilization of nuclear energy to provide clean power for BTC mining firms.
BTC mining industry and nuclear power
Energy Harbor, in a PR, stated that the company’s BTC mining facility is situated in Coshocton (a city in Ohio), and the sustainable power will be provided to it in the later phase of this year.
Currently, no details have been revealed, regarding the quantity of electricity to be utilized or the dimensions of the operation, by either of the parties involved in the contract. However, it has been guaranteed by the company that it is in a position to clearly state that operations entirely depend on renewable energy.
The CEO of Standard Power, Maxim Serezhin, echoed the company’s proclamation about long sustainability and clean energy. He further mentioned that Ohio was selected by them just because it costs low electricity charges and provides carbon-free bases of energy.
A venture for a more green Bitcoin mining
The environmental impact is counted as one of the significant weaknesses of BTC mining and other cryptocurrencies, particularly those which demand more hashing power.
For confronting this widespread observation and guarantee the environmental friendliness of the industry, a team of miners related to North America joined together to form the BMC (Bitcoin Mining Council). The group, advocated by the CEO of MicroStrategy ‘Michael Saylor’, aspires to be counted as a reference the whole industry as it has published several figures that poses a question to the alarming data that some politician use.