Bitcoin miners seek alternative energy sources to cut costs
Source: Riot BlockchainKent Halliburton, president and chief operating officer of Sazmining– a hosted Bitcoin mining company– told Cointelegraph that the most significant expense for mining has constantly been electrical energy:”Bitcoin miners are naturally incentivized to find the lowest-cost power. These unrefined bits of coal mixed with shale, slate or other pollutants are piled on thousands of acres of abandoned mine lands in Pennsylvania.Greg Beard, CEO of Stronghold Digital Mining, informed Cointelegraph that his firm is working with the Pennsylvania Department of Environmental Protection and regional ecological authorities to clean up piles of waste coal and use them to power Bitcoin mining operations. Genesis Digital Assets uses hot air produced by mining devices to grow veggies in the Nordic regions.Heat from mining machines is used to grow plants inside a greenhouse.
While this stays questionable, its ended up being evident that mining business today are focusing more on alternative energy resources to cut expenses, make sure earnings and, in some cases, lower their environmental impact.Alternative energy sources used by minersSteven Lubka, handling director for Bitcoin-focused financial services company Swan Bitcoin, informed Cointelegraph that while the typical rate to mine a single Bitcoin (BTC) is around $26,000, mining business focused on sustainable energy sources are seeing rates between $5,000 and $15,000 per BTC. Source: Riot BlockchainKent Halliburton, president and chief operating officer of Sazmining– a hosted Bitcoin mining company– told Cointelegraph that the most significant expense for mining has actually constantly been electricity:”Bitcoin miners are naturally incentivized to discover the lowest-cost power. Phil Harvey, CEO of crypto mining facilities company Sabre56, informed Cointelegraph that the business is currently working with dozens of mining business to get makers set up across Sabre56s 3 facilities located in Wyoming and Ohio. These unrefined bits of coal blended with shale, slate or other pollutants are piled on thousands of acres of abandoned mine lands in Pennsylvania.Greg Beard, CEO of Stronghold Digital Mining, informed Cointelegraph that his firm is working with the Pennsylvania Department of Environmental Protection and regional environmental authorities to clean up piles of waste coal and utilize them to power Bitcoin mining operations. Genesis Digital Assets utilizes hot air produced by mining equipment to grow vegetables in the Nordic regions.Heat from mining makers is used to grow plants inside a greenhouse.