Sources of clean energy that the cryptocurrency mining industry should use
Blockchain technology and its most popular cryptocurrency, the bitcoin, were calls of equal importance to the Internet, capable of transforming businesses, government and social interaction: the entire fabric of modern society. Enthusiasm and enthusiasm are both inevitable and contagious.
But there is a dark side of technology and industry. We must recognize and face this danger as soon as possible, otherwise we run the risk of canceling decades of social and environmental progress. This threat is the immense consumption of energy and the potential climate impact of the blockchain and its two major currencies, bitcoin and ethereum.
While some suggest that we should try to slow down the growth of the blockchain revolution, the industry is creating so many benefits technologies, and therefore should be encouraged to grow, sustainably. New innovations in green energy should be exploited.
Below is a list of 5 renewable energy technologies that should be exploited by the blockchain mining industry.
Geothermal energy is generally considered ecological. The carbon footprint of a geothermal power plant is minimal. Their tanks come from natural resources and are naturally supplied, so it is a renewable energy source. It is excellent for the base load energy demand, as opposed to other renewable sources such as wind and solar power.
Places like Iceland, where volcanic activity drives that heat closer to the surface, allow us to exploit this energy at an affordable price and with almost no environmental impact. Of all renewable energy technologies, geothermal energy provides a part of the most consistent power output because it is not based on unpredictable aspects of nature, such as wind or sunlight.
One of the main disadvantages of geothermal energy is that it is very specific to the location. Iceland and the Philippines meet almost a third of their demand for electricity with geothermal energy. Another is that commercial geothermal energy projects are expensive. Total costs usually range between $ 2 – 7 million for a geothermal power plant with a capacity of 1 megawatt (MW).
Solar Power is the most used renewable energy technology. The cost of solar energy has decreased by over 60% since 2013 and has effectively achieved network parity in many locations. Commercial solar costs are now $ 0.07 per kWh and technical solar is $ 0.06 per kWh. In 2016, total global installed solar power capacity reached 302 GW, or about 1.3-1.8% of total global electricity demand. Experts predict that by 2050 solar energy will be the largest source of electricity globally.
However, solar panel production is affected by meteorological conditions and pollution; if it is cloudy outside, solar electricity production may decrease by 40% or more. Another disadvantage is that the more energy you want to produce, the more solar panels will be needed.
Waste energy is one of the least glamorous sources of clean energy. It uses various exhaust outlets as sources of recycled energy. This approach can be divided into two technological flows: thermal and non-thermal. Thermal power plants for municipal waste incinerate organic waste to produce heat. That heat is used to drive a steam turbine to produce electricity. The second type of non-thermal waste-to-energy plant uses bacteria to break down organic waste into methane gas. Natural gas is highly flammable and burned to power a generator that produces electricity.
At the end of 2015, the United States had 71 waste generation plants with 2.3 GW of installed capacity in 20 states. Waste-to-energy plants generally have an efficiency of 14 to 28%. A serious drawback of waste-to-energy plants is the need for a constant supply of organic waste. When using waste-to-energy methods, long-term agreements must be implemented with waste suppliers to ensure coherent organic waste resources.
Hydropower takes mechanical energy from the flow of water and transforms it into electrical energy. It is one of the oldest types of renewable energy technologies; the first hydroelectric plant was installed at Niagara Falls in 1879.
Two advantages that work in synergy with each other are the low cost and flexibility of the dams. The dams are relatively inexpensive to maintain, which reduces the financial burden that is usually expected when building large-scale projects for long-term use. Their ability to generate large amounts of energy helps counteract the costs of dams. Their flexibility allows them to be built into many different water bodies as they can be large or small to meet the needs of the people for whom it produces energy.
However, Hydropower can be destructive to the local environment. This form of energy generation requires the dam of the rivers, which can damage local fauna if not carefully carried out. It is often necessary to conduct an environmental impact assessment to help prevent unforeseen complications.
Being a relatively new technology of renewable energy, tidal energy has not yet received widespread adoption. However, there is potential for growth. Technology has traditionally suffered from high implementation costs and there are a limited number of suitable sites with sufficient intervals and tidal speeds. However, recent progress has widened the number of suitable sites. It is also expected that implementation costs will fall as technology resizes.
A good amount of time, money and effort is required to conduct feasibility studies to identify suitable sites. One of the biggest drawbacks is that it is specific to the position. Very often the tidal power plants are built in places far from the network and this makes their network connectivity difficult and expensive. Building a tidal plant influences the marine life of the surroundings. It has an impact on fish, marine life and seabirds