How does cryptocurrency mining affect the pollution of the human environment?
Will the resumption of the use of discarded thermal power plants further endanger the level of pollution on the planet?
Bitcoin mining is becoming more expensive for the simple reason that fewer and fewer coins are left to be mined. Of the total predefined amount of 21 million coins, another 2.3 million coins remain to be mined.
Mining comes down to calculating cryptographic hash functions and comparing the calculated value with a database of undiscovered coins.
The smaller the remaining amount of coins, the longer the job of calculating and comparing the values of calculating hash functions.
Since the calculation process is longer, the amount of energy required for the operation of computer equipment is higher, ie the costs of electricity used by digital miners increase.
The obstacle to big Bitcoin mining is finding enough cheap energy to run huge, powerful computer plants that create and trade cryptocurrencies.
A Bitcoin mining plant in downtown New York has implemented a solution that has upset environmental movements.
Namely, the plant uses its own thermal power plant! Greenidge Generation has restarted a power plant that was once closed and conserved due to excessive environmental pollution.
Now the power plant on the shores of Lake Seneca produces about 44MW to run 15,300 computer servers as well as additional electricity it sends to the state electricity grid.
The megawatts used for Bitcoin mining and trading could power more than 35,000 homes! Proponents of cryptocurrencies call this venture a competitive way of mining cryptocurrencies without using the existing electricity grid.
Environmentalists express fear of revived fossil fuel power plants that emit greenhouse gases primarily for the purpose of making a private profit and not for the sake of achieving the public good.
Considering Greenidge a “test balloon”, environmental movements are asking the state to disable the operation of such thermal power plants in order to protect air quality and prevent similar projects.
Warnings of excessive pollution of the Earth’s atmosphere are coming from various directions, while the effects of global warming are becoming more noticeable.
According to published data, Greenidge mined 729 Bitcoin coins in the last three months, using 58 percent of the produced electricity for mining.
It was also clearly emphasized that the power plant regularly supplied the state network for electricity transmission, which was highlighted as a contribution to the energy system of the state.
Additional pollution of the human environment by reusing already discarded technologies is justified by encouraging the development of the region by introducing new cryptocurrency technology.