One of the big complaints people have about Bitcoin is that it is very bad for the environment. While this is true of the immediate situation, a longer-term view reveals quite a different outcome, where Bitcoin will actually be the force that saves the environment.
Bitcoin gets its incredibly strong security from mining. Specifically, miners use electricity in a race to be the first to solve a math problem. The solution is called Proof of Work.
Competition is tight and fierce. The slightest advantage means millions of dollars for the winner. Miners gain the upper hand by being more efficient than the rest.
In other words, there is a huge incentive to be the most energy-efficient miner. Bitcoin is the catalyst for the most fierce race toward energy efficiency Humanity has ever witnessed.
In Japan, Kazuno City is actively attracting Bitcoin and cryptocurrency miners with its roughly 300% excess of free electricity. The Mining Center is planned to launch December 2017, and is expected to be worth about 300 million Yen right out of the gate.
In China, many Bitcoin mining farms are built right next to hydroelectric plants.
Miners also have an advantage in Iceland, where there is an abundance of geothermal energy.
Germany and Denmark suffer from occasional oversupply of natural energy. During these times, they need an energy sink so their systems don’t overload. Admittedly, there are few energy sinks like Bitcoin.
In the US, someone installed a mining rig in his Tesla Model S.
Bitcoin energy consumption seems excessive right now and that’s exactly why the need for efficient clean energy solutions is greater than ever. People and industry the world over are searching for free energy like never before. Thanks to Bitcoin, the race toward clean energy has never been faster.
State of Clean Energy 2017