In countries like India, where electricity is not as cheap as it is countries like China, solar powered bitcoin mining farms is the solution. According to BBC there are still 200 million people in India mostly from the rural areas, who don’t have the access to electricity in their houses, then how one can imagine to have ample amount of electrical power for the mining. Solar power has emerged to be a very good source of power for bitcoin mining companies in India. Solar power apart from being a renewable source of energy is less risky and more profitable at the same time. A study done for year 2017 and it was found that, bitcoin consumed the same amount of energy as Angola or Panama
While many are debating over the too much of energy consumed in mining, some of the miners are using alternative sources of energy like wind power, hydropower etc. When some of the cryptocurrencies that are leading in the world of digital currencies consume same share of electricity as a small country could use. Though the mining machines will need to be upgraded to be functional on solar power but the payback times comes so early that it is worth doing.
Mining through solar power is exceptionally profitable for those bitcoin company India whose physical location are in the desert areas. Sometimes it even cut the mining costs by 75 %. These solartech powered compete, but the miners are supplied with enough renewable energy to produce their own photovoltaic plants making it more efficient and the practice more sustainable. One another profit of solar power is that once you have bought the solar powered rigs with an initial investment and then the cost mining is virtually free. But in the case of electrically powered bitcoin mining farms one has to worry about the cumbersome electricity bills which at times leaves no room for profit. Therefore, this might become the reason for the miners shifting to places enriched with renewable sources of energy like deserts or places with excessive wind power. According to the recent estimates, a typical solar farm can produce between $21,200 and $42,500 per acre every year.
Other renewable resources gaining popularity
Although solar power counts for the major part all the renewable sources of energy, but lately other renewable sources like hydropower, wind power and the most recent geothermal power. The low-cost geothermal power is usually prevalent in countries like Iceland. Business of cryptocurrency is more renewable driven than almost most the other businesses. Due to more usage of renewable energies like these has increased the hash rate from 40 quintillion hashes per second (EH/s) to 50 EH/s. Higher the hash power of the network, greater the number of miners would need to commit 51 percent attack.
Moreover, it is important for environment to shift to renewable sources for mining
Energy cost of mining bitcoin is more than that of copper and gold. According to the details derived from a grid from a bitcoin mining company in India, the amount of carbon emission was horrendous. It was found that the emission was around 6400 kilograms of CO2.
Also the exact location of the miners or mining companies cannot be determined therefore the emissions are fairly estimated. The highest and lowest bands will still remain India and Canada respectively. The whole conclusion is that bitcoin would result for emission of around 10 million tons of CO2 per year. The situation is quite alarming and hence should be observed and acted upon on priority.
Amidst all this, these renewable sources for bitcoin mining installed in bitcoin mining farms comes as a paradise built in hell.