When we talk about bitcoin (BTC) mining, one of the first things you’ll probably hear about is the amount of energy it consumes. The work a bitcoin miner puts in encrypting transaction data serves as proof that their data is correct; hence the protocol Bitcoin runs on is a “Proof-of-Work (PoW) protocol.” For this reason, however, bitcoin mining opponents often shame it for being bad for the environment. The mayor of Miami now comes with a solution.
Miami is known for its tropical beaches, the blue seas and is, therefore, a popular holiday destination for Americans and foreigners. With the rising sea levels due to climate change, Miami is extra vulnerable to climate change. The mayor of Miami, Francis Suarez, is a strong supporter of Bitcoin. Journalist Laura Shin wonders why Suarez supports Bitcoin and bitcoin miners in the shadow of Miami’s aforementioned situation. The answer is simple, according to Suarez:
“[It is] extremely easy. […] Part of the problem with bitcoin mining is 90% of it is not done in the United States. 90% of it is done in countries that have dirty energy. That’s why it is considered to be a dirty activity. Miami would love to be a mining hub for A) National security reasons […] and B) we have nuclear power, so we have clean energy.”
Suarez states that for these reasons, the US has the ability to supply mining centers with clean energy, which in turn makes bitcoin mining cleaner overall. On top of that, more and more clean energy sources emerge, like hydrogen, that will further propel the mining industry.
Bitcoin and crypto are constantly developing
Suarez also said a couple of other interesting things to counter critique on the bitcoin mining industry. He explains that the underlying technology of bitcoin may change to become more efficient. Another technology that will make bitcoin mining more efficient are ASIC miners. In other words, the technology will keep evolving into a more efficient and better Bitcoin network.
Let’s not forget that renewable energy sources are becoming cheaper and cheaper as they become more abundant. The thing with renewables is that you can’t really turn them off. When the wind blows, it will blow as long as it wants. The water in a river will keep on streaming; you can’t turn it off if you don’t need the electricity it produces at a certain time. That is also why you often find miners in areas with many renewables, among which are the US, China, and Sweden. During off-peak hours, electricity in these regions is very cheap.
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