Sustainable cryptocurrency may not seem possible. Changing power allocation to renewable energy within crypto-mining data centers, however, may be the key to making this process friendlier to our planet and preventing unhappy surprises on household electric bills.
What is renewable energy?
Simply put, renewable energy is an energy source that is replenished naturally. Examples include solar, wind, and even ocean thermal energy.
Why is renewable energy important?
Renewable energy can provide power to public and private buildings alike at a more affordable and stable rate as opposed to gas, oil, and coal.
Using renewable energy sources can also keep our communities healthier and be kinder to the Earth. Unlike dirty fuels, which — when burned — create pollution associated with respiratory problems, heart disease, and other troublesome complications, including the dangerous overheating of the planet, renewables don't spew harmful pollution when generating electricity.
How renewable energy helps with cleaner cryptocurrency
Sabre56, a mining consultancy firm based in the United Arab Emirates, aims to change the cryptocurrency scene by reallocating power to renewable energy sources.
Wired Middle East reported that Sabre56 is working on expanding its efforts to the United States by building 115-megawatt capacity data centers in Wyoming and Texas. The company considered power prices, cooling methods, and renewable energy as it planned out where these centers would function, according to Phil Harvey, Sabre56's CEO.
In its current state, crypto is not sustainable. Along with artificial intelligence, it consumes an immense amount of energy and has the potential to raise energy costs for everyday people. This can only change if, among other things, people in charge of crypto organizations make thoughtful decisions about their facilities' operations.
These decisions take time as well.
"It can be a three to 24-month process for the utility to allocate power. So we will undertake what's called a load study, and the utility will then review its network to understand what power it has in surplus," said Harvey to Wired Middle East.
In regard to investing in resources ethically under environmental, social, and governance considerations, he continued, "If the answer is yes, then you continue down that path, but if they have high fossil fuels, it's out of consideration … because you are going to struggle to operate that facility on a long-term basis."
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Absolutely 👍 If you are going to invest in any kind of cryptocurrency, make sure you do your research first. Look into the energy practices of the currencies you may invest in. Know that there is still progress that needs to happen before cryptocurrency is truly sustainable. Being consistent in watching business practices can ensure that accountability translates to meaningful and eco-friendly action.
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