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Sunday, April 27, 2025
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Bitcoin miners seek alternative energy sources to cut costs

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TL;DR:

  • Bitcoin mining firms turn to renewable energy to reduce costs and improve sustainability.
  • Average Bitcoin mining costs range from $5,000 to $15,000 per BTC with renewable energy.
  • Major expenses in mining are electricity; renewables provide a cost-effective solution.
  • Various companies integrate renewable sources like wind, solar, and ocean thermal energy into their mining operations.
  • Stronghold Digital Mining uses coal refuse to power its mining activities, addressing environmental concerns.
  • Challenges include community misconceptions about renewable energy benefits and technical limitations like air quality and thermal pollution.
  • The future of mining is likely reliant on renewable energy sources, with a growing emphasis on hydro-cooling technologies.

Facts:

  • Mining costs per Bitcoin: $5,000 to $15,000 with renewables, compared to an average of $26,811.
  • Key expense: Electricity, motivating miners to opt for low-cost renewable power.
  • Bitcoin Mining Council data: 59% of mining operations are carbon-free, growing at nearly 4.5% annually.
  • Different approaches to renewables: wind, solar, ocean thermal energy, and coal refuse used in mining operations.
  • Unique heat reuse methods: Some companies repurpose heat generated by mining equipment for various purposes.
  • Environmental concerns with coal refuse usage: Potential air and water pollution.
  • Challenges: Community misunderstanding of renewable energy benefits, technical hurdles like air quality and thermal pollution.
  • Future trends: Growing focus on hydro-cooling technologies and increased adoption of renewable energy in mining.

Source: Cointelegraph

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