As the price of Bitcoin rose, so did the number of people who bought cryptocurrency mining equipment in hopes of "striking it rich." With all these miners running their equipment night and day, the total electrical usage of cryptocurrency mining operations has grown at a staggering rate. Even…
3 posts tagged
Energy
Quebec's Cryptocurrency Miners Benefit from Energy Restriction Rollback
A long-standing moratorium that has prohibited the sale of electricity to cryptocurrency miners in Quebec may soon come to an end. Local news outlets are reporting that the Quebec government is softening its attitude toward digital assets. It is anticipated that Minister of Energy Pierre Moreau will make a pubic…
Can Derelict Power Stations Solve Bitcoin’s Energy Crisis?
The last few months have seen a growing concern over the environmental costs of mining Bitcoin . As the computational requirements of mining the signature cryptocurrency become increasingly demanding, the system has begun to approach a dramatic tipping point. Citigroup recently reported that for mining to remain marginally profitable, Bitcoin’s…