In the world where Bitcoin is one among the most buzzed words followed by Cryptocurrency and Blockchain, Bitcoin Mining has emerged as one of the most lucrative but Technically Challenging Domains. It consume huge amounts of Electricity and dissipate a lot of Heat as well. As the recent studies suggest, Bitcoin is currently consuming around 0.15% of the Whole Electricity of the World.
By 2019 it is expected that the Bitcoin Network will consume Electricity equal to that of United States & by the year 2020 the total consumption of Electricity of Bitcoin Network will be same as that of the Whole World….! This is just bitcoin and there are around 1500 Alternative Cryptocurrencies in the world now. Many of them are mineable, so there must be some Electricity Consumption for them as well.
Hence we can consider that if the things are left to grow the way they are working right now, we might see immense demand for the Cheap Electricity and burning of Coal will not slow down. Ultimately Cryptocurrencies might end up being one of the most polluting Systems in the World within next 2 years. From all the above facts and the figures it’s clear that the greatest problem we will be facing in the future will not be scarcity of the Electricity or Water or Fuels. It will be lack of Healthy Air for our breathing. If we take some action right now, and set an example in front of the Mining community by starting Responsible Mining we can make some progress by the time Bitcoin Network starts consuming 100% of the World’s Electricity.
The CEO of GreenHashes.org Shreekant Kulkarni has realised this and has proposed solutions to the problem. He says, Cryptocurrencies Mining should be only done using Renewable Sources of Energies like Solar or Wind Energy. High Quality Efficient Batteries should be deployed & used to store the excess Electricity that is being generated during the Zero Production Hours or some maintenance. New ways for Negative Emissions (Absorbing CO from Air) must be developed & deployed. CO2 can be Stored (CCS) or converted to useful products (CCU). Heat dissipated by the Mining Hardware should be collected & utilised for some constructive purpose in the Mining Farm itself. Huge efforts need to be taken to plant Trees & achieve efficient & rapid Reforestation. There should be some mechanism by which we can incentivise the good actions that people take in order to save our Mother Earth.
GreenHashes is an organisation which intends to solve the problem of Climate Change and is working on conservation of Earth through the use of Renewable Energies, Negative Emissions & Reforestation.
With intention to work in as many parts of the world as quickly as possible they believe perfect time for the Climate Change to be taken seriously was in the past.
says Shreekant Kulkarni, CEO