The mining of blockchain refers to the mining of blocks in a blockchain network which in turn results in the mining of coins (cryptocurrencies). Almost everyone who is familiar with the blockchain technology is also somewhat familiar with the concept of crypto mining. If not, here is a brief idea.
Cryptocurrency mining is the process in which a miner or a group of miners try to solve a complex mathematical equation in order to verify a transaction in a blockchain network. Each verified transaction in the network is added to a block which is then added to the chain. For each new mined block, the miner is rewarded a predefined amount of cryptocurrencies.
Theoretically, crypto mining should be a profitable and safe activity, depending on the market value of the coins that are mined. However, the high initial cost of hardware and energy greatly limit the profits of the miners. Depending on the popularity and competition in a particular crypto mining, the hardware and energy cost can be quite significant and can only be afforded by big organizations and groups. This is why bitcoin mining is an activity still limited to only a certain user base.
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Moreover, mining is a really harmful activity from the environment point of view. As energy consumption is high, so is the release of harmful carbon and gases such as CO2. These gases emitted by the bitcoin mining hardware negatively impacts our environment, adding to the woes of our ecosystem.
So, what’s the solution?
According to industry experts, cryptocurrency mining can be effectively made beneficial for the environment by the use of alternate, gree power sources such as solar energy and tidal energy.
Let’s try to understand this with a real-world example.
Pieta.Network is a project which is working on making cryptocurrency mining environment-friendly and more energy-efficient by the use of green solar energy. As we all know, solar energy is the power that comes from the sun. This power is harnessed using technologies and tools such as solar panels to produce solar thermal energy which can be used as a replacement for electricity and other fuel-based energy options.
Now, the best benefits of solar energy are that it is renewable and completely friendly to the environment. This is why it can make the perfect energy alternative for the crypto mining process.
Pieta utilizes this concept to encourage solar energy based crypto mining. However, the implementation of solar energy plants on such a big scale is expected to involve a very high cost, as the production and distribution of solar energy are still limited. Pieta will expand the applications of solar power in businesses and households around the world by investing in a number of solar projects. It will start by establishing the project headquarter which will completely run by the solar energy produced from the in-house plantation.
Projects like Pieta give us hope that the environment can still be saved from the harmful impacts of pollution and that the development and environment protection can go hand in hand.