Is the Bitcoin mining industry becoming Sustainable but Bizarre?

Sahana Kiran
Source – Pixabay

The proof-of-work [PoW] algorithm that Bitcoin [BTC] employs has been a major concern for many. From world leaders to environmental activists, BTC mining is widely condemned. Being the largest and the most popular cryptocurrency, BTC has lost several opportunities for global adoption due to its mining algorithm.

Who doesn’t remember Elon Musk’s dumping of BTC from Tesla? As a result, firms from all across the globe have been stringently employing sustainable measures to mine the cryptocurrency.

Sustainable, renewable, and eco-friendly are words that the crypto industry is often bombarded with. As activists and climate warriors protest climate change, Bitcoin falls under their radar. Following this, an array of them tried imposing a ban on the industry itself. However, crypto firms were several steps ahead and decided to revolutionize the industry by employing “sustainable” ways of mining Bitcoin.

So much so that Shark Tank’s Kevin O’Leary believes that Bitcoin mining would eventually save the world. While this is debatable, we have curated the most bizarrely sustainable ways that platforms have been trying to mine the OG cryptocurrency.

Bizarre Bitcoin

This one that caught our eye was employing the excessive waste generated by Bitcoin mining to warm a pool. A BTC miner, Jonathan Yuan reportedly used the waste heat generated by mining the cryptocurrency to warm his pool. His passion for swimming and BTC led to a whole new collaboration.

Hold up. Your pool isn’t the only area you can heat with BTC mining. A recent discovery shed light on how one can heat their entire house with the process. This procedure captures heat from BTC mining once the rig is installed into the HVAC system.

While the process is elaborate and stringent, it also sheds light on the fact that Bitcoin mining isn’t limited to just big firms.

Oil wells: abandoned and not abandoned

Excessive energy is a common source of mining Bitcoin. Several platforms have been directing the excess energy that they have been producing into the mining process. Bengal Energy, a Canadian oil and gas firm decided to use stranded gas wells to do so.

A slew of abandoned gas wells located across Australia’s Cooper basin will act as a medium that would power 70 Bitcoin mining rigs. A portable building would entail these rigs and a pipeline is in the making to accelerate the process.

Once again, natural gas was the star here. Eyeing expansion into four different countries, ExxonMobil was already conducting a pilot program that utilizes excess gas for mining Bitcoin. Similar to Bengal Energy, ExxonMobil was looking to use the excess gas produced by oil wells throughout North Dakota.

The firm even highlighted the importance of employing natural gas. The deficiency in pipelines can cause either burning or flaring of excess gas. This, in turn, looks bad on these firms. Additionally, this is speculated to be the reason behind the platforms’ sudden interest in Bitcoin mining.

Volcanos, not so destructive?

Eruptions, hot lava, destruction, soot, ash, and chaos are what we quite often associate volcanoes with. El Salvador’s President, Nayib Bukele was trying to change this narrative by painting the whole scene in the color orange. After swallowing the orange pill, Bukele wanted to employ all things Bitcoin in the region.

Furthermore, Bitcoin mining was explored territory and Bukele had eyes on it as well. However, he was employing a wholly different notion. Home to nearly 30 volcanoes out of which 20 are active ones, Bukele wanted to harness energy from them. The geothermal energy generated by these volcanoes will be used to mine the world’s largest cryptocurrency.

Additionally, similar to the above list, abandoned factories, aluminum plants, and an array of other spaces are slowly being conquered by the Bitcoin mining industry. Further considering the current adoption rate of BTC, this list is sure to persist.