The struggle for Crypto to get rid of its energy consumption and environmental risks that it poses has existed as long as Crypto itself
One of the concerns attached to the Crypto is if it’s going green in the future? After all, it would make it more relevant and ideal to use. As a result, governments have been for long putting concern about cryptocurrency mining’s negative impacts on the environment as a massive amount of energy gets exhausted for the so-called proof of work mining mechanism.
For insurance, last year, China banned Bitcoin mining along with other crypto operations in the country. A Canadian company, Hive Blockchain, active in Northern Sweden, depends on Hydropower plants for mining cryptocurrencies; moreover, the whole region is quite popular for the same reason of using renewable energy. The mining facility major handles Ethereum Mining Sweden and is full of computers that include about 15,000 mining rigs that usually work all the time, all day the entire year. Similar to Ethereum, bitcoin also uses proof of work which is a fact.
The mining process, in a nutshell, follows the procedure where they have to beat other mining computers to mining and find the correct answer to the technical mathematical puzzle that surges in difficulty with the addition of miners in the network. The mining process is crucial as it ensures that every crypto transaction is legitimate and verified. Hive Blockchains is known to run the Ethereum mining facility and is also one of the first companies that have brought innovation in mining activities while using clean and renewable energy.
In the Sweden region, both wind and hydropower are used for crypto mining and generally powering up homes and industries. The country is using green energy, and it should be encouraging for other countries and their governments to follow along with the process. Although now crypto miners only use the energy which is excess and left out after fulfilling the requirements for households and industries, which would be left to waste when unused.
However, the computers and mining rigs running continuously have alarmed many government officials, possibly impacting the environment due to their activities. Finansinspektionen, which is a Financial supervisory Authority in Sweden, has encouraged the European Union to ban crypto mining completely because of its too high energy consumption. Many companies are now looking into it seriously and tapping on clean and renewable energy to adhere to the Paris Agreement.
Source: https://www.thecoinrepublic.com/2022/05/03/why-isnt-it-easy-for-crypto-to-go-green-despite-big-companies-trying/