Crypto Mining and Renewable Energy: Current Scenario and Emerging Trends

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The economic potential for cryptocurrency can be huge. Millions of people who don’t have access to banking can have digital wallets, be prevented from fraud, and cut out the third-party transaction fees. These are just a few of the transformative potential of cryptos. There are many more.
Despite all these potential benefits, there is a looming question from critics about the environmental impact of mining. How much of the power generated for cryptocurrency mining is produced by fossil fuels and how much of the power is already coming from renewable sources? Conservative numbers show that renewable energy share in the current crypto mining operations is close to 30%, but some studies show that the number can be even close to 70%.

Whatever the current number might be, most will agree that there is still ground to be covered in this space. MineBest, founded in 2017 by Eyal Avramovich, specializing in cryptographic computing activities that provide professional hosting services for mining Bitcoins and other cryptocurrencies has shared some insights on the current state of renewable energy in the crypto ecosystem and how these numbers can be increased. Those insights are expounded below.

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