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In September 2021, China confirmed its ban on cryptocurrency, and the world is still dealing with the consequences.

In what has been labeled the “Great Mining Migration,” hundreds of Bitcoin mining initiatives have dispersed from the East to more crypto-friendly environments elsewhere, prompting global concern on unsustainable power consumption. 

As Iceland experiences a similar influx in miners and subsequent power shutdowns, the country joins Kazakhstan with its restriction on cryptocurrency by turning away all-new Bitcoin miners in December 2021. Iceland and Kazakhstan serve as evidence of the growing power issues in crypto mining, and the carbon emissions relating to them only complicate issues. 

The Changing Landscape

Some claim that sustainability practices in crypto mining are not just alive but that they’re reshaping the energy sector.

Additionally, Bitcoin miners have stretched their innovation onto oil rigs. A byproduct of the oil extraction process, methane is typically flared and broken down into lesser-damaging compounds. Bitcoin miners’ sustainability initiatives have taken this energy alternative and morphed it from pollutant to power source. 

Further down the road of sustainability, Bitcoin miners are increasingly joining demand-response programs, which limit the power miners receive from the grid in exchange for rebates. This outcome is possible because Bitcoin miners are part of an interruptible load, meaning they can survive regular power outages without disastrous consequences. Their participation in this program grants everyday citizens the power they need in a time when it is scarce. 

While some will lament that these are idealistic developments, Mawson Infrastructure Group is a company that reports a refutation. An energy-focused digital asset infrastructure has been at the core of the company’s business model since its inception. The company claims that 75% of non-carbon emitting energy (nuclear, hydro, wind) powers its operations and that it is on track to achieving its net carbon neutral goal by 2030.

As crypto-mining attracts more eyes and ears, those businesses with sound sustainability practices and strong financials may end up garnering much of the crypto world’s attention. More importantly, they could serve as proof that crypto miners can not only be harmless but beneficial to those around them. 

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.