Data science

Utilizing Solar Energy to Make Greener Cryptocurrency Mining: Sustainable Move

The cryptocurrency market is popular for being highly volatile where the prices of popular cryptocurrencies such as Bitcoin can reach their highest peak as well as experience a massive drop at any point in time. Despite the volatility, global investors are always keen on investing valuable time and money to gain higher revenue in the future. This has increased the potential for cryptocurrency mining across the world. Cryptocurrency mining helps to earn cryptocurrency without putting down money for investment.

There are popular cryptocurrency miners known as Bitcoin miners who receive Bitcoin for discovering a seamless solution to a complicated hashing problem, mathematical problems, cryptographic equations, and many more. But the main issue with this mining is that it releases carbon emissions to create more pollution. Thus, solar power or solar energy has emerged in the cryptocurrency market to reduce around 40 million tons of carbon dioxide emission per year and support renewable and green Bitcoin mining. There is a potential for solar energy in cryptocurrency to make it greener cryptocurrency mining in the future.

The share of solar-powered hash rates tends to increase while Bitcoin mining or cryptocurrency mining is encouraging investors to utilize solar energy more than ever. Cryptocurrency miners are facing difficulties in cryptocurrency mining due to large energy consumption and expensive activity to build rigs with high processing power. Meanwhile, utilizing solar energy in cryptocurrency mining can reduce mining costs and help to earn higher revenue in the cryptocurrency market. Thus, it is the perfect way to make greener cryptocurrency mining with a good investment as well as reduce the demand for fossil fuel, greenhouse emissions, and carbon footprint from the atmosphere.

Individual cryptocurrency mining rig cost includes solar energy panels for greener cryptocurrency mining, power controls, batteries, as well as the Antminer S9 ASIC processor. These cryptocurrency miners have started installing rooftop solar units in their residential buildings to reduce power consumption, in turn, carbon emission from hardware infrastructure. It helps to address the increasing energy usage of cryptocurrency mining and transform it into greener cryptocurrency mining. Celebrity entrepreneur like Elon Musk has also announced the ban of Bitcoin in the Tesla payment system for the carbon pollution from Bitcoin mining till there is a more sustainable greener method available.

It is estimated that 6000 watts of solar energy panels are essential to run cryptocurrency mining with multiple GPUs per day and a 500Ah battery bank with a voltage regulator and a fuse should be available from the sunset or during cloudy weather. Indeed, harnessing solar energy can transform the polluted cryptocurrency mining into greener cryptocurrency mining and help to earn profit from the cryptocurrency market.

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