Greenidge is a gas-powered Bitcoin mining plant that has been providing some of the most explicit numbers when it comes to providing the power required to continue the Bitcoin mining operation. It says that from the next month on there will be no emissions as it has planned to go all carbon neutral. It is a New York-based mining operation that runs off the gas, but it has declared only this Friday that it will be carbon neutral as early as the start of June.
The purpose of this golden initiative is to prove that they can provide the same transaction verification and processing service required to secure the Bitcoin network while keeping carbon out of the equation when it comes to emission. In another consecutive announcement, the firm has requested others to join them in this green initiative and make Bitcoin securer, efficient, and an environmentally friendly commodity.
Bitcoin Mining Needs to Go Green
Apart from these series of events, one most significant thing has happened with Elon Musk and Bitcoin. Look like the most active advocate for cryptocurrency, and Bitcoin wants to take a break from Bitcoin until Bitcoin is ready to clean up its act, more like its mining process. Elon Musk has announced in a tweet that Tesla will be giving up the $1.5 billion worth of Bitcoin and will cease to accept Bitcoin payments until the mining process could be redesigned in such a way that has no implications on the environment. Easier said than done, there is no functional design or infrastructure in the works for that, and it could take years to set up the most feasible apparatus to get this done due to the immense hash rate that the Bitcoin network requires and all that mining happening around that.
This has sent Bitcoin’s price down the plummet as the cryptocurrency is striving to keep its head above $50k, but it can’t even reach the $50k and is lingering closer and wider towards it. Despite the fact that Bitcoin mining does put a strain on the environment and disrupts its rehabilitation, it is important that its mining continue to match its network requirements. But at the same time, such processes must be built that can take the carbon emission edge off from the process, making it an environmentally friendly initiative.