Bitcoin mining has been characterized as one of the income-generating elements worldwide for many people, to the point that China had to limit these operations after the excessive energy consumption that occurred after the exploitation of the creation of stock market volatility .
The critical situation that has affected cryptocurrencies has undoubtedly also wreaked havoc on mining; as the demand for them decreases, mining is involved and, therefore, the economic benefits since there are too many miners and few digital currency units sold to create.
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Renewable energies for bitcoin
When it comes to mining, all eyes are on Bitcoin because this process in this specific currency requires high energy consumption, which directly influences the environment.
After harsh criticism and accusations from environmental protection organizations, the mining process has been modified by reducing its consumption of traditional energy and basing itself on the consumption of renewable energies. More than 60% of operations are based on In this last.
Sustainable energy is currently the protagonist in mining processes; mining companies in Texas have confirmed the efficiency in the operations through this type of energy, which contributes to the environment. In turn, economic gains are obtained.
This percentage of use of renewable or sustainable energy has been compared with the energy consumption of traditional industries in the most critical countries in the world, managing to reflect the contribution to the environment with the decrease in energy consumption.
Crypto mining companies in the layoff phase
The domino effect that has produced the fall of cryptocurrencies has not left mining companies out; until now, the most outstanding has been Compass Mining which had to reduce its payroll of workers by a relative percentage of 15%, where even the management staff has had decreases in their contractual benefits.
It is because many investors withdrew their funds from Bitcoin to avoid further declines and lose what was left; after the excessive sale of existing Bitcoin, miners and companies in this branch of the crypto market are limited not only in the operability but also in the income.
Politicians and the electrical consumption of Bitcoin mining
The United States is one of the countries that have hosted the world’s Bitcoin miners. The leading State in which mining companies have settled is in Texas.
This situation generates discontent since they assume that it is an economic activity that represents the excessive consumption of electrical energy and that between 5 and 7 of the established companies consume the equivalent of all the houses inhabited in Houston, the capital of Texas.
These data were revealed by an investigation carried out by a congressional public official known as Jared Huffman, who, alarmed at the results obtained, demands that government institutions act as soon as possible in the face of a scenario full of complications that could even leave several areas of the State of Texas.
Among the companies investigated are Riot, Marathon, Bit Deer, Bit Digital, Stonghold, Greenidge, and Bitfury, which despite consuming energy and being labeled as polluters, the researchers assume is also noteworthy that Bitcoin mining has been transformed and that compared to previous years is being cleaner.
Currently, essentially recognized business people such as Elon Musk and Jack Dorsey are creating projects that allow mining farms to be powered by solar energy.
Impact of the Paraguayan Mining Law
After the beneficial results that Bitcoin mining has generated in Paraguay, the Legislative Power has considered the possibility of creating a bill regulating everything inherent to this economic activity that could bring more excellent benefits to the community.
If this law is approved, the benefits would not only be for the miners and mining companies that establish themselves in Paraguayan territory, but the income would be diversified both in the participants in the crypto exploitation and the State through the sale of energy and tax collection.
All the aspects that makeup Bitcoin are modified by the behavior in the market of digital currencies; mining represents the basis of the operations of the digital market because this is the process in charge of issuing and processing the new Bitcoin units. That is generated through the increase in demand; this and many more topics in Bitcoin-Prime trading system