One of the biggest knocks against holding cryptocurrency is the energy requirements necessary for the mining process. A Forbes report in April 2018 listed the electrical consumption required by Bitcoin to be at 61.4 TWh, which is about 90% of the power that the Czech Republic requires over the course of a year.
In the United States, Bitcoin energy consumption represents about 1.5% of total electricity consumption.
The data might be reflective of Bitcoin, though it resonates through every cryptocurrency, including NewYorkCoin. That is because more than 70% of the market value of a cryptocurrency comes through the mining process.
High energy costs translate to high mining costs. They also translate into more environmental damage.
Even with fossil fuel consumption at its lowest levels since 1994 in the United States to generate electricity, the country is still producing over 1.5 billion metric tons of carbon dioxide emissions.
Is it possible to make cryptocurrency mining be environmentally friendly?
Green Power and Cryptocurrency Mining
When mining any cryptocurrency, there is a general rule of thumb that is followed: cheaper fuel equates to better profits.
To create new blockchains, computers are requiring more power. That means miners are requiring more energy. From 2017-2018, Bloomberg reports that spending on power needs can consume 60% of the revenues generated from cryptocurrency mining activities.
That creates an interesting question: if renewable energy is more expensive than electricity generated by fossil fuels, then how can green power become the future of cryptocurrency mining?
The answer rests on personal efforts to create power resources for individualized mining efforts.
When miners build their own energy structures through solar, wind, or hydropower, not only do they go off the grid – they are creating clean energy that makes their mining efforts more valuable.
Why a Cryptocurrency Like NYC Can Change Everything
Bitcoin is often promoted as the most stable cryptocurrency in the world today. Analysts like Bill Miller have gone as far to say that all other cryptocurrencies except for Bitcoin are basically worthless.
Bitcoin has “stability” because 70% of the major mining pools are either based in China or owned by companies based in China. They get to use surplus power, taken from nearby coal-fired power plants, to generate profits at the expense of the environment.
With renewable energy resources, mining NewYorkCoin becomes a more profitable experience. Even if you just use sourced power from green resources, you’re still giving your mining efforts a future foundation of success while helping the environment at the same time.
How can you start mining NYC from a personal renewable energy resource? There are several ways you can get started on this project.
- Rooftop solar panels provide enough energy to operate the average personal mining kit.
- Wind power, gathered from windmills, generates the same levels of energy as solar.
- Access to flowing water provides energy support and the ability to fuel cooled air into your rig room to prevent overheating.
In the future, the power you generate from a personal installation could potentially be sold to consumers as well, giving you another revenue resource.
We can take cryptocurrency mining to the next level. We can go green and be profitable. That may not be suitable for Bitcoin miners.
It is suitable for NewYorkCoin.