Transition to green Bitcoin mining will not only mitigate environmental impact but will also be cost-effective for miners
Hass McCook, a member of the Bitcoin Mining Council (BMC) stated that he believes that the cryptocurrency mining industry is on track to reach zero emission by 2030. The expert, known online as Friar Hass, told CoinTelegraph that immersive cooling technology will play a key role in assisting Bitcoin’s transition to green mining.
The comments come amid reports of rising concerns among regulators across the world on the environmental impact of allowing Bitcoin mining in their jurisdiction.
China has already begun a crackdown on mining operations over the last two months with many provinces preventing hydroelectric plants from supplying power to crypto miners. In New York, labour and business groups wrote an open letter to the governor requesting her to not grant a permit for the functioning of Bitcoin mining operations in the city.
These developments have made it imperative for Bitcoin to aim to go green, McCook stated, adding that the sustainability and durability offered by immersive cooling will play a crucial part in reaching that goal.
Immersive cooling technology improves the productivity of Bitcoin mining operations by submerging mining ASICs into dedicated cooling fluids. The cooling fluid absorbs and recycles the heat from the data centres. It reduces the amount of energy currently used to cool rigs and does not require frequent replacement of equipment.
“The move to green Bitcoin mining won’t be for environmental reasons. It'll be to get miners’ cost basis down to improve their profits," he explained.
The BMC member also pointed out that for Bitcoin mining to be sustainable, the energy resources used in the mining process must come from green sources.
“The harsh truth is when you plug your equipment into the wall, you get whatever it is that's on the other side of that plug,” “said McCook.
The emphasis on immersive cooling by McCook comes weeks after Riot Blockchain announced that its Whinstone Facility will be developing 200 megawatts of immersion-cooled Bitcoin mining infrastructure