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Now worth $1.92 billion, crypto mining is expected to become a $7 billion industry in 2032. That growth could be more if not for the prevalent misconceptions around it. These misgivings have created a perception that mining is difficult.
The reality, however, is that mining is easier than it seems. Through technological advancements over the last 10 years, crypto mining has aligned more with the world’s environmental and economic goals.
Common Misconceptions About Mining That Are Holding Back Crypto Adoption
From Newsweek’s long-debunked article titled “Bitcoin mining on Track to Consume All of the World’s Energy by 2020” to a reminder about mining’s energy consumption during Coinbase’s rise, the mainstream media narrative has always rallied against Bitcoin. Their efforts have given rise to many misconceptions.
Bitcoin’s Energy Consumption Equates to Carbon Emissions
Crypto skeptics have spun this narrative that Bitcoin’s energy consumption contributes to carbon emissions, ignoring that even Harvard-educated columnists have stated that the carbon emissions of Bitcoin are challenging to ascertain.
The truth, however, is that 28 to 74% of crypto mining’s energy consumption comes from renewable resources. Many responsible mining operations have emerged, all minimizing the negative impact on the environment.
Bitcoin Mining Causes Particulate Matter Exposure That Harms Health
Those who have rallied against mining say that crypto mining contributes to electricity pollution, releasing nitrogen oxides and sulfur dioxide into the air. Anthropocene Magazine, in 2019, highlighted a 2018 journal that states that every 50,000 Bitcoins mined in China are associated with 12 additional deaths.
The truth is that technological advancements have made safer technological advancements possible for mining.
Crypto mining is not a dirty job; it is the next evolution of the world’s financial ecosystem. While its decentralized roots had a tough beginning, innovations are coming to make it more affordable, safer and environmentally friendly.
Technological Advancements Done for Mining
One of the major concerns about mining has been safety. The presence of particulates that can harm the environment makes it easier for people to Bitcoin mining as something that can create health risks. But now, we live in an era of automation.
That approach involves users engaged with remote control technologies through mining farms and mining crypto at a safe distance. ECOS Mining Farm, for example, is a service that offers users ASICs for rent that they can engage with using mining technologies.
Remotely controlled, these computers solely designed for mining would allow users to mine from a safe distance. Surrounded by tailored conditions for mining – such as optimal temperatures, ventilation, and high-speed connectivity, ECOS mining gives users a hands-free approach to generating profits.
ECOS has also implemented sensor technologies allowing users to leverage intelligence systems to monitor their ASICs and make quick decisions on the fly.
With access to cheap electricity, ECOS users would also find ASICs at affordable prices. All they are required to do is buy one, and they will be instantly connected to the ECOS Data Centre.
Benefits of Crypto Mining
Crypto mining has brought an onslaught of revolutionary changes to the global economy. Giving rise to decentralization, crypto mining is the advent of technologies that created the idea of P2E gaming, DeFi, Metaverse, and more.
Countries like El Salvador have even gone as far as to make Bitcoin a legal tender. A June 5th article by Reuters stated that the government is building a $1 billion Bitcoin mining farm.
Slowly but gradually, mining is changing the face of modern society. Digital ownership is being reshaped, and the global economy is being re-engineered. There is no stopping its growth – which is why adopting it today is crucial for any enterprising individual.
Environmental Concerns and Solutions
With over 150 terawatts of electricity consumed annually, the environment has a real case to be made against Bitcoin, which asks whether crypto is bad for the environment. However, mining companies are pivoting away from traditional sources and adopting sustainable mining solutions to make them environmentally friendly.
40% of the energy consumed by the ECOS Mining farm comes from renewable solutions, and the goal is to increase that reliance to 100%. Using hydropower, wind and solar energy, ECOS uses green energy integration to create sustainable practices that prevent mining operations from harming the environment. The mining company hopes that other entities in this industry will follow suit, choosing 100% sustainable crypto mining solutions that bolster the crypto adoption rate, sparking the interest of even the staunchest crypto critics. You can find more details about ECOS’s view of mining and other aspects of the blockchain through its articles.
Conclusion
Crypto mining is easier than it seems. While the challenges related to safety and the environment remain, gradual technological innovations, including robust mining farms, are addressing these risks. These technologies will bolster the crypto adoption rate because no matter how many critics rise up – mining isn’t going anywhere.
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