Clean energy consumption boosted by Bitcoin miners.
The Bitcoin mining industry has been blamed for being energy intensive and inefficient in its energy use. The mining process is accused of creating environmental problems. Poor sustainable energy records can keep investors away from this market. However, bitcoin miners are not detached to the environmental concerns. Many miners are increasing the use of efficient processes and sustainable energy.
It is positive news for DAM (digital asset miner) ETFs (exchange traded funds) like VanEck ETF. It tracks the worldwide MVIS DAM index, holding 25 stocks. Many of these companies have made serious efforts in using renewable energy.
The BTC Mining Council estimates that the global BTC mining industry now uses up to 59.5% sustainable electricity. The network is becoming highly efficient, resulting in lower power requirements to operate the mining process. The Bitcoin mining industry is improving its efficiency when it comes to power consumption.
The report estimates that this efficiency is only going to increase in the coming years. It improves the sustainability energy records of DAM platforms. They will see higher cost savings. It can help them counter some of the losses they have seen in the recent cryptocurrency market crash.
The 2nd quarter of this year will be seen as the turning point for the bitcoin mining industry. This is the time when its sustainability and efficiency records started improving faster.
Some of this efficiency has been possible due to the technological advancements in the field of semiconductor. Other reasons include North American Digital asset mining expansion, miners leaving China, the worldwide trend toward moving to sustainable energy options, and advanced bitcoin mining techniques.