Select Page

Crypto Mining Industry Showing Signs of Green Energy Shift

Crypto Mining Industry Showing Signs of Green Energy Shift
Loading...
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

The Cambridge Bitcoin Electricity Consumption Index is showing a big shift in the cryptocurrency mining industry towards cleaner sources of energy.

New data published by Cambridge University suggests that the mining industry has changed significantly over the past six months. The control over mining by the Chinese segment has fallen by over 20% since October 2020.

Called the Cambridge Bitcoin Electricity Consumption Index, China remains at the top, followed by the U.S. and Russia.

According to the index, Xinjiang remains the province with the highest hashrate, at 54.37% as of April 2021. This is despite the fact that China has conducted a sweeping shutdown of mining farms in the country, as the government begins to impose regulations on the market.

Experts see some positive developments that are emerging from the change in mining’s geography. The crackdowns are forcing miners to move to other countries and seek more friendly energy sources. The move to renewable energy for bitcoin mining is now a legitimately big market, with companies like Square also investing in the change.

There’s more evidence of a movement towards clean energy in the form of a report by the Bitcoin Mining Council. The data shows that the global bitcoin mining industry’s sustainable electricity mix crossed 56% in Q2 2021, up from 36.8% in the previous quarter.

Speaking to CNBC, Foundry CEO Mike Colyer states that this would be a big win for Bitcoin,

“The Bitcoin network is ruthless in its drive for the lowest cost. Miners around the world are looking for stranded power that is renewable. That will always be your lowest cost. Net-net this will be a big win for bitcoin’s carbon footprint.”

Countries are also capitalizing on this shift, with Kazakhstan announcing electricity charges for crypto miners. A major Iranian power company is also focusing on selling electricity to crypto miners — while the government fines miners for using household electricity.

Mining crackdown part of governments’ regulation plan

The crackdown on mining, whether its cutting power supply or shutdowns, is only part of a multi-prong approach to rein in the crypto market. The governments are well aware that the crypto market now requires regulation, what with the enormous growth of the market earlier this year.

Accompanying these changes are exchange regulations and a broader general framework, which the U.S. now seems keener on than any other country. When the U.S. does announce a new regulatory scheme, it will likely have a tremendous effect globally, as many countries are waiting to see what the world’s largest economy will do.

All in all, this may not be such bad news for the industry, which is due to its regulation if it wishes to be more incorporated into the global economy. The resources that companies are pouring into renewable energy solutions for the mining industry might be the positive change it needs to alleviate some concerns about the market.

The post Crypto Mining Industry Showing Signs of Green Energy Shift appeared first on BeInCrypto.

 

Source: BeInCrypto

 


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now
Loading...

Don't forget to share your review/suggestions for android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here
Loading...

Categories

Select Sub Category
category
614977ff45741
1
1
Loading....

Reviews

All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber

Recent Comments