Nuclear energy can be the best option for Bitcoin miners. The Bitcoin mining industry has its eyes on the nuclear energy ease of mining BTC.
According to some Bitcoin miners, Nuclear energy will present an excellent opportunity to present clean amounts of carbon-free energy emitted during mining.
GRIID president Harry Sudok says that in the past, many programs on renewable energy have only been focusing on solar energy and wind power to a large extent. According to Sudok, Nuclear energy presents a lot of benefits to the environment and mining at large.
Adding to this, Blockstream CEO says that FUD shows the self syndrome in the mining industry, which leads to misunderstanding in energy production and BTC mining.
Bitcoin mining uses minimal percentages of energy worldwide-0.9% to be precise. This is because the miners look for the cheapest form of electricity they can find to mine BTC. Generally, nuclear energy will give Bitcoin mining a better experience.
How Does Bitcoin Mining Emit Carbon?
Bitcoin mining is a process of proof of work that includes using computers and servers highly advanced for the job. It also uses a lot of power to solve the hard equations to unlock new blocks of Bitcoin.
The competitive BTC mining industry often upgrades its computers and mining rigs to help keep up with new regulations. Therefore GPUs and servers consume a lot more energy than regular computers. Because they generate a lot of heat, they will need a high industrial cooling system hence carbon emissions.
How Much Energy Is Consumed Through BTC Mining?
To mine one BTC, about 1800 kWh of energy is always used. This is a lot of energy that can power a household for almost two months. According to data available, 240000 Bitcoins are mined every day. This makes the total energy consumption about 432 million kWh.
There are many sources of energy that miners can use. Among these include Hydroelectric power, which has the highest consumption rate of 62%. The rest are coal, natural gas, wind, oil, solar, and geothermal.
It looks like miners use a lot more non-renewable energy. Now the Bitcoin miners are including nuclear energy into the list of energy sources. However, this reduces carbon emissions, putting the industry among the worst contributors to global warming and climate change.
What is BTC Mining, And How Do You Become A Bitcoin Miner?
Despite the energy charges, Bitcoin miners are still getting excellent pay for their mining. Currently, a miner is receiving 6.25 BTC per block mined.
Bitcoin mining is similar to mining precious metals like gold and silver. However, the equipment used in BTC mining is expensive, and their processing is complex. Bitcoin miners get rewards for solving challenging mathematical problems.
To become a BTC miner, you will need to meet a few requirements. One of these is 1MB worth of all transactions. The other is that you have to be very fast at arriving at the correct mathematical answer to receive your reward before the rest.
This means that your primary work is to solve a 64-digit number less or equal to the answer. You will also need the GPU computer to help you with the mining difficulty. Mostly these kinds of computers are used by gamers. Currently, the fastest GPU is the NVIDIA GeForce RTX 3060 Ti running at 60Mh/s.