• Latest
Green Investments Help Bitcoin Miners Amid Possible Regulatory Crackdown

Green Investments Help Bitcoin Miners Amid Possible Regulatory Crackdown

June 14, 2021
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Mining

Green Investments Help Bitcoin Miners Amid Possible Regulatory Crackdown

coinnewsdaily by coinnewsdaily
June 14, 2021
in Mining
0
Green Investments Help Bitcoin Miners Amid Possible Regulatory Crackdown
191
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

According to two miners who spoke with CoinNewsDaily.com, regulators have been moving into multiple areas of the crypto industry, and they will – in one way or another – come after crypto mining powered by non-renewables.

However, as concerns, facts, and misinformation about Bitcoin’s (BTC) carbon footprint have resurfaced during this cycle, mining companies that have been shifting to cleaner energy sources appear to be better prepared in the face of potential new mining-related regulations.

Related articles

10 non crypto ways to make money in crypto

10 Non-Crypto Ways to Make Money in Crypto

April 11, 2022
btc starts 2022 all over again — 5 things to know in bitcoin this week

BTC starts 2022 all over again — 5 things to know in Bitcoin this week

April 4, 2022

Igor Runets, CEO and Founder of BitRiver, a major provider of colocation services for cryptocurrency mining in Russia and the CIS, noted that countries around the world are already moving towards carbon neutrality, so regulations discouraging non-renewable powered crypto mining, directly or indirectly, are to be expected.

Greenidge Generation, a vertically integrated BTC mining and power generation facility based in the United States, Chief Financial Officer (CFO) Tim Rainey stated that the company will continue to collaborate with regulatory agencies and government at all levels, as they all share the same goal – an environmentally sound, economically vital operation.

As a power producer, “Greenidge is one of very few cryptocurrency mining companies with extensive experience” working with regulators on this matter, Rainey said, adding that “by design, the Bitcoin mining algorithm forces all miners to pursue best efficiency in energy use.”

Conversion, renewables, and a token

Greenidge switched from a coal-fired power plant to a “cleaner and greener natural gas-powered one” in 2017.
Furthermore, they have recently pledged to make their Upstate New York mining operation completely carbon-neutral beginning June 1 this year and continuing “forever thereafter.”

The company announced in March that its 106 MW natural gas plant powers 19 MW of mining capacity, which is expected to more than double to 41 MW by the end of Q2 2021 and 85 MW by the end of 2022.

Meanwhile, BitRiver launched their business in the “hydropower-rich Siberian region” of Russia in 2017 – a location chosen specifically because Runets believes “the future of cryptocurrency mining will be powered by renewables.”

Committing to sustainable mining from the start was, in his opinion, a “foresight decision,” as evidenced by increased concern among institutions and investors about Bitcoin’s carbon footprint.

This increased concern, according to the CEO, was beneficial to BitRiver’s business, as “this shift has not only resulted in even higher demand for our low-carbon colocation services, but has also strengthened our belief in the future of cryptocurrency mining.””

Their facility currently has over 100 MW of fully operational power capacity, but they are in the process of increasing this capacity to 300 MW by the end of 2021.
According to Runets, this will be accomplished through datacenters that are currently in various stages of development.

In addition, BitRiver launched the BTR utility token, which is backed by 100 MW of low-carbon power in the Bratsk datacenter in Siberia.
According to the CEO, BTR will “accelerate our plans and make it easier for miners and investors around the world to access our low-carbon cryptocurrency mining services.”

Ethereum mining

In addition, the second-largest network by market capitalization, Ethereum (ETH), plans to transition from its current proof-of-work (PoW) consensus mechanism, which Bitcoin also uses, to proof-of-stake (PoS) (PoS).

According to BitRiver and Greenidge, it will have no discernible impact on their businesses.
While the US company has a “small test mining operation” where it mines a small amount of ETH and other cryptoassets, BitRiver anticipates increased demand for ETH mining as the transition to PoS approaches and Ethereum becomes more profitable to mine than ever.

“On the other hand, the demand from clients who want to mine other popular PoW blockchains such as Bitcoin already exceeds our current or planned capacity,” Runets said.

Tags: cleaner energy sourcescrypto miningcryptocurrency mininglow-carbon colocation servicesmining
Share76Tweet48
Previous Post

Crypto Analyst Explains Why He’s Excited About These 5 Micro Cap ‘Atcoin Gems’

Next Post

MicroStrategy Gets Another USD 500M To Spend on Bitcoin + More News

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

10 non crypto ways to make money in crypto
Bitcoin

10 Non-Crypto Ways to Make Money in Crypto

April 11, 2022
btc starts 2022 all over again — 5 things to know in bitcoin this week
Bitcoin

BTC starts 2022 all over again — 5 things to know in Bitcoin this week

April 4, 2022
how to make a metaverse: secrets of the founders
Business

How to make a Metaverse: Secrets of the founders

April 1, 2022
making a crypto fortune is easy, but here are 5 rules to follow to keep it
Business

Making a crypto fortune is easy, but here are 5 rules to follow to keep it

March 26, 2022
chinese police busts illegal crypto mining farm, seizes 190 miners
Mining

Chinese police busts illegal crypto mining farm, seizes 190 miners

March 8, 2022
g7, eu working on russia's crypto isolation, shareholders vs
Bitcoin

G7, EU Working on Russia’s Crypto Isolation, Shareholders vs. ConsenSys + More News

March 2, 2022
Load More
Next Post
MicroStrategy Gets Another USD 500M To Spend on Bitcoin + More News

MicroStrategy Gets Another USD 500M To Spend on Bitcoin + More News

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$22,985.00-0.31%
  • ethereumEthereum(ETH)$1,568.08-1.88%
  • tetherTether(USDT)$1.00-0.14%
  • binancecoinBNB(BNB)$305.04-0.94%
  • rippleXRP(XRP)$0.408734-1.04%
  • cardanoCardano(ADA)$0.381303-2.02%
  • dogecoinDogecoin(DOGE)$0.0877710.78%
  • matic-networkPolygon(MATIC)$1.14-1.93%
  • okbOKB(OKB)$39.147.82%
  • solanaSolana(SOL)$23.87-1.44%
  • polkadotPolkadot(DOT)$6.36-2.79%
  • shiba-inuShiba Inu(SHIB)$0.0000120.52%
  • litecoinLitecoin(LTC)$89.14-0.03%
  • tronTRON(TRX)$0.063115-0.38%
  • daiDai(DAI)$1.00-0.12%
  • cosmosCosmos Hub(ATOM)$13.13-1.57%
  • chainlinkChainlink(LINK)$7.17-2.47%
  • leo-tokenLEO Token(LEO)$3.77-1.96%
  • moneroMonero(XMR)$184.802.88%
  • ethereum-classicEthereum Classic(ETC)$21.65-1.22%
  • bitcoin-cashBitcoin Cash(BCH)$131.47-2.05%
  • stellarStellar(XLM)$0.0928080.20%
  • crypto-com-chainCronos(CRO)$0.081129-0.94%
  • filecoinFilecoin(FIL)$5.23-2.94%
  • algorandAlgorand(ALGO)$0.2558791.17%
  • vechainVeChain(VET)$0.024114-2.88%
  • internet-computerInternet Computer(ICP)$6.00-0.22%
  • aaveAave(AAVE)$83.77-3.66%
  • eosEOS(EOS)$1.09-2.04%
  • elrond-erd-2MultiversX(EGLD)$44.38-0.36%
  • theta-tokenTheta Network(THETA)$1.07-4.47%
  • tezosTezos(XTZ)$1.10-1.18%
  • paxos-standardPax Dollar(USDP)$1.00-0.15%
  • bitcoin-cash-svBitcoin SV(BSV)$43.42-1.18%
  • huobi-tokenHuobi(HT)$5.111.16%
  • havvenSynthetix Network(SNX)$2.44-4.04%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.99-0.63%
  • iotaIOTA(MIOTA)$0.236567-2.62%
  • zcashZcash(ZEC)$45.17-2.87%
  • makerMaker(MKR)$649.67-2.91%
  • neoNEO(NEO)$8.21-0.34%
  • dashDash(DASH)$50.57-2.01%
  • zilliqaZilliqa(ZIL)$0.029218-0.59%
  • basic-attention-tokenBasic Attention(BAT)$0.260247-1.39%
  • compound-governance-tokenCompound(COMP)$55.30-4.36%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.038488-3.56%
  • kusamaKusama(KSM)$36.16-0.22%
  • bitcoin-goldBitcoin Gold(BTG)$17.45-0.05%
  • wavesWaves(WAVES)$2.782.68%
  • qtumQtum(QTUM)$2.63-3.35%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • sushiSushi(SUSHI)$1.28-4.55%
  • golemGolem(GLM)$0.244940-2.17%
  • yearn-financeyearn.finance(YFI)$7,413.84-3.31%
  • omisegoOMG Network(OMG)$1.45-3.01%
  • ontologyOntology(ONT)$0.214128-2.73%
  • digibyteDigiByte(DGB)$0.010572-4.68%
  • umaUMA(UMA)$2.070.91%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%