The Bitcoin mining industry has been a topic of interest for quite some time now. From increased scrutiny to a direct ban on the mining industry, the Proof-of-Work cryptocurrencies have endured a lot. However, the most catastrophic hit to the mining industry was when China decided to oust all things crypto from its territory. While most of them migrated to different parts of the world, some continued mining in secret. The government, however, persisted in its search and is still ousting mining projects.
More recently, it was revealed that 49 crypto mining projects were shut down in Inner Mongolia. In a recent report, it was noted that the region intended to uphold environmental protection, energy-saving, and other policies. Inner Mongolia has primarily been focusing on carbon peaking as well as carbon neutrality.
BTC’s energy consumption is often highlighted when matters regarding mining surface. While New York sits on a bill that would ban PoW mining for the next two years, Bitcoin is emerging as a rather efficient cryptocurrency.
Darin Feinstein took to Twitter and in an elaborate tweet explained how Bitcoin’s energy consumption wasn’t really a global problem. He pointed out how the government agencies and even certain news portals curate data from when ASICs were first introduced. Back then Bitcoin mining wasn’t very efficient. However, over the years, miners have rolled out more sustainable ways of mining the king coin.
Thanks to this, the world’s largest cryptocurrency has been increasingly efficient precisely 41,000 times more efficient than it was in 2009.
In addition to this, the carbon emitted by Bitcoin was increasingly insignificant when compared to other aspects.
Bitcoin mining stocks deplete with BTC’s depreciating price
The bears were hounding the Bitcoin market making it impossible for the asset to move beyond $30K. While BTC remains on a downtrend, an increasing amount of mining firms witnessed a plummet in their stocks. There was a rather mixed notion in the market. Firms like Bit Mining, Canaan, and a few others bagged significant gains.
However, Cipher, Core Scientific, Greenidge, and others were painted in red. It can be noted that Greenidge operates in New York, the latest Bitcoin mining ban could have caused the 12 percent drop in its stocks.