Reports Indicate 80 percent Blockchain Mining Operations Running on Renewable Energy
From past many years, the entire crypto industry and its experts are looking for the alternative energy sources that can be used for crypto mining operations to make it more eco-friendly as well as bring down the skyrocketing prices of mining due to the consumption of excessive electricity in the mining process. Although, solar-energy has emerged as the deserving candidate to bring down the high operating costs and substantial carbon footprint of mining operations.
The recent reports from Coin Shares have also highlighted that mining practices are becoming loss-making for mines around the world at current bitcoin prices. As per the Coin Shares white paper data, the bitcoin price has dropped down as low as $3500 from $4069 recently whereas the market-average, the all-in marginal cost of block creation, at ¢5/KWh. What all this would mean is that the average miners are running at a loss and are even unable to recover the capex.
Numerous other reports about mining also indicate that miners are facing economic difficulties due to bitcoin price depreciation. Worsening this situation, the increasing hydroelectricity costs around the globe have also contributed to the miner's headache. The reports further highlight that the majority of the global bitcoin mining capacity (approx 77.6%) are running on renewable energy. This has forced miners to move towards alternative energy sources.
Seeing such a scenario, a lot of fintech companies in the crypto investment space are working to develop renewable energy based mining platforms to provide better alternative ways of mining.
Pieta is also one such ecosystem and also the world’s first renewable energy based mining project that aims to bring down the cost of cryptocurrency mining and also reduce its carbon footprint. Adding to this, Pieta also uses the latest X20 hashing algorithm that reduces the energy consumption up to 50 percent in mining operations enabling mining equipment to stay cooler and perform efficiently. Peita ecosystem offers numerous other benefits like multiple revenue streams, high mining rewards, bonuses, low mining costs, and much more.
Find more details at: https://pieta.network
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