Bitcoin miners took the opportunity to defend themselves on Friday when they justified their case for their industry saying they fuel clean energy adoption at Fidelity’s mining summit.
Fidelity has been keenly involved in the Bitcoin industry. It recently launched its Bitcoin Digital Assets Services which handle the digital currencies for institutional clients.
However, instead of talking about the brief history and overview of Bitcoin mining, Fidelity invited guest speakers who defended their cause of Bitcoin mining. These speakers tried to negate the prevalent perception that Bitcoin mining consumes a copious amount of electricity (approximately 0.26% of total world consumption) according to Diginocomist. This has led many to come of the view that Bitcoin mining is environmentally hazardous and a threat.
John Belizaire, CEO of Soluna said that,
“Miners are constantly searching for cheaper energy, and this is why they will be a catalyst for renewable power development in the near future.”
Soluna is building a wind power generating farm which will not only supply power to Soluna’s Bitcoin miners but also to the country’s electricity grid.
He further stated, “Bitcoin is at the center of the next great infrastructure that we’ve never seen before. We’re going to go to places that have incredible renewable energy sites,” foreseeing a future wherein the common perception towards the industry will change for good.
Nuclear energy produced from nuclear reactors can possibly be used to power Bitcoin mining in the future. In addition, it is claimed that mining will perhaps provide and facilitate the building of more renewable power sites.
According to research conducted by Chris Bendiksen, the head of CoinShares research department, almost all the regions where mining is done, renewable power and energy is prevalent. “The widespread notion that bitcoin is mainly mined with dirty Chinese coal is not true,” he said.
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