In a previous blog, I shared you a piece of information that why GPU mining is not profitable in 2020. Still, a few of you wants to give it a try, for those this is a very special blog. In this blog, I will show you a few methods to mine a few cryptocurrencies that can be mined by your PC and also how to mine different cryptocurrencies and get paid in Bitcoin (satoshis).

Nicehash miner is one of the best crypto-miner in this list. If someone wants to mine Bitcoin. This miner will benchmark many algorithms and automatically chooses the best miner with the highest profitability. For example, if you have a good CPU it will mine Monero but if you have a good pc build with a graphic card installed in it will benchmark many algorithms such as KAWPOW, Lyra2REv3, ZHash, BeamV3, Cuckarooz29 etc and will choose the best profitable algorithm for your system out of these and pays you out in the form of Bitcoin. In short Nicehash miner buys and sell hashing power.

If somebody is interested in mining Monero (XMR) it also supports CPU and GPU mining. Back in days, it was also used to mine in mobile phones later major smartphone operating systems like Google, iOS banned mobile cryptocurrency mining apps from their stores. The reason was these apps reduces the life of the CPU and battery and overall performance of the device. Minergate is still functional for PC’s and laptops so if you want to mine cryptos like Monero you should give it a try.

Its a rebranded cryptocurrency from WebChain to MintMe at the time of writing this blog its price is at $0.00176854. The price of MintMe is very low as of now but it is easy to mine with CPU and if you own a website you can easily mine this crypto without using your own devices computing power. Coinimp is the website where you can mine MintMe simply just open your browser type coinimp.com create your account and start mining its that easy. website owners can download miner plugin for their WordPress website and then upload the plugin on the website activate it and you are all set for mining MintMe.

Bitcoin mining is a convenient means of earning new Bitcoins by solving complex mathematical transactions to confirm and validate a Bitcoin transaction. It is essentially a process of creating a new Bitcoin. Bitcoin miners use sophisticated and complex computers to confirm and validate every new Bitcoin transaction within 10 minutes. Once a transaction is validated, the block consisting of the transaction data is linked to the blockchain network.

As stated above, Bitcoin mining involves digitally linking new transaction records to the blockchain network. Blockchain refers to the public distributed ledger that contains information or the history of every Bitcoin transaction to date. Simply put, mining is about recording every Bitcoin transaction to ensure the transparency of the blockchain network. It is for this reason that there are no double payments or replication of the same Bitcoin token. Bitcoin mining contributes to the decentralization aspect of blockchain technology, making the payment network trustworthy.

In a nutshell, to add a new block to the public distributed ledger (blockchain), miners solve complex mathematical problems using special computers. When a miner can solve this problem, a new block (consisting of the transaction information) is securely linked to the blockchain. This is how Bitcoin mining works.

Upon successfully solving the complex mathematical problem and, in turn, adding the new block post validation, a miner is rewarded with new Bitcoins. The mining incentive’s significance is that for every 2016 blocks mined; the mining reward is halved. Originally the mining reward or incentive was 50 BTC, which was halved to 25 BTC in 2012. The last halving occurred in 2020, where the reward for mining was reduced from 12.50 BTC to 6.25 BTC.

One of Bitcoin mining’s major benefits is the prevention of double-spending of the same Bitcoin token, which would otherwise result in counterfeiting. Bitcoins are backed by blockchain technology, where every transaction is visible to the public. Also, there is no scope for manipulating the blocks as they are linked chronologically. Thus, making it impossible to delete or tamper with a block.

Apart from this, there are several other advantages of Bitcoin mining, which are as follows:

Bitcoin’s blockchain is based on the proof-of-work algorithm. Moreover, mining requires solving complex mathematical problems. After every new Bitcoin transaction, hundreds of miners are bidding to solve the puzzle to earn the block reward. That said, one has to be quick to solve the problem.

Initially, Bitcoins were mined using personal computers. But, to speed up the mining operations, special computers or hardware was introduced. To further simplify the process, miners use an object-oriented, high-level programming language like Python.

Python programming is reliable and easy to learn. Some of the perks of using Python for mining Bitcoins are as follows:

Understanding the process of mining Bitcoins using 12 lines of code in Pythons. It is imperative to decode it to further simplify their use.

Bitcoin miners are rewarded with new Bitcoins for successfully validating a Bitcoin transaction. Thus, Bitcoin mining is a surefire way of not only earning Bitcoins but also any transaction fee of the block. While mining is a complex operation, it can be simplified with programming languages like Python. In this article, we have described the 12-lined Python code for mining Bitcoins.

Apart from that, If you are a Bitcoin lover and want to make a profit from Bitcoin trading, then you must check out the Bitcoin Robots trading platform. Bitcoin Robots are the programmed platform that can make you earn a profit from trading. One such reputable and one of the secure Bitcoin robots is Immediate Edge. Check Immediate Edge Reviews by experts to know furthermore about this secure Bitcoin robot.

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If you're considering getting into Bitcoin mining, the main thing you need is Bitcoin mining software. But which software should you use? In this post, I have listed the best Bitcoin mining software p>Pros: GPU/ASIC/FPGA mining supported.

Cons: Command Line Interface. Platforms: Windows, Linux, macOS

CGminer has been one of the most popular mining software for several years now. CGminer is a CLI application writen in C. The miner has some useful features like Overclocking, Monitoring, Fan speed g>: Strong miner with many useful features.          Supported on many platforms such as the Raspberry Pi.

Cons: GPUs not supported.           Advanced setup/usage.

Platforms: Windows, Linux, macOS

Unlike most bitcoin miners, BFGminer only supports ASICs and FPGA.  BFGminer is very tweakable and has features like Dynamic clocking, Remote interface options, trong>: Graphical Interface.          Moneymaker option for quick start-up.

Cons: Will be falsely detected by most Antivirus programs.

Platforms: Windows, Ubuntu

EasyMiner is a user-friendly GUI-based mining software. That means you will have the option to see a graphical visualization of your mining stats and performance. /em>Graphical Interface.          Beginner Friendly.

Cons: Installation on an OS other than Windows can be advanced.

MultiMiner is known as one of the most beginner-friendly mining software. MultiMiner allows you to choose a different coin for every mining device connected (GPU, FGPA, ASIC).

HoneyMiner

If you want to start mining instantly HoneyMiner might be the option for you. HoneyMiner automatically chooses the most profitable coin to mine based on your rig's hardware. HoneyMiner automatically transfers the coin you mine to bitcoin. According to HoneyMiner, you can earn between $15-75 a month

Salad.io

Best Bitcoin Miner Overall: CGminer

Best Bitcoin Miner To Start Mining Instantly: HoneyMiner

Best Bitcoin Miner To Get Rewarded Instantly: Salad.io

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The mining subsidiary of Japanese financial conglomerate SBI Holdings is opening its pool services to institutional and retail customers alike.

SBI Crypto, the mining subsidiary of Japanese financial conglomerate SBI Holdings, has opened its mining pool to the general public. 

As one of the fruits of a strategic partnership between SBI and the German tech firm Northern Data AG, the pool reportedly now ranks 11th globally, according to SBI's announcement on March 19. It mines three assets, Bitcoin (BTC), Bitcoin Cash (BCH) and Bitcoin SV (BSV), with a revenue measured in dollars per terahash per day of $0.3897, $0.3805 and $0.3519 respectively. 

Prior to its partnership with Northern Data AG and the Texas-based data center operator Whinstone US back in February 2020, SBI's announcement summarizes the company's mining activities to date as follows:

“SBI Crypto has been self-mining digital assets in overseas mining farms since August 2017 and continues to expand its scale. The company will use its current mining power of approximately 1.1 EH/s to support and provide stability to the pool.”

The pool was first opened on a limited release earlier this year, and as of March 19 new users are able to request an account. By April, open signups without requesting an account will be available, with services in English, Mandarin and Japanese. While SBI notes that many of the pool's features are specifically designed for an institutional clientele, individual customers are able to use the service.

SBI Holdings' multiple cryptocurrency ventures via various subsidiaries to date have included the introduction of a Bitcoin lending service through its crypto investment subsidiary SBI VC Trade and acquisition of crypto exchange TaoTao via its foreign exchange and derivatives arm. 

In December 2020, SBI announced a joint crypto-related project with Switzerland’s principal stock exchange SIX Swiss Exchange and has recently hinted at further crypto-related ventures in collaboration with foreign financial firms in the near future.

The Japanese conglomerate has also been extensively involved with Ripple, and has been supportive of the company throughout its ongoing legal difficulties in the United States. SBI CEO Yoshitaka Kitao has previously said that Japan would be the most likely country for Ripple to relocate to if it is compelled to leave the U.S.

Thanks to the EZ Smartgrid Flaring Mitigation System, oil & gas exploration company Wesco Operating Inc. has reduced it’s gas flaring to 0 million-cubic-feet (mcf) per day.

Natural gas is released as a byproduct when drilling for oil. Because of the lack of infrastructure to capture and deliver it efficiently, it is usually burned off. Known as gas flaring, the practice is economically as well as environmentally wasteful. Now, innovators are using this wastage for Bitcoin mining.

Montana-based Wesco Operating Inc. is naturally one company familiar with the practice. However, last year they decided to partner with crypto mining company EZ Blockchain. Its flagship product is the EZ Smartgrid Flaring Mitigation System. The system converts previously flared gas into electricity. By moving bitcoin mining onsite, the electricity can then power the mining operations.  

When Wesco first contacted EZ, they were flaring around 240 mcf of natural gas a day. The crypto mining firm initially deployed the EZ Smartgrid System over 2 days in October 2020. It included a 30-foot mobile data center, a “Smartbox,” and a generator. The preliminary results were so promising that Wesco increased the project’s scale by 200% just after the first deployment. Currently, the fully operational crypto mining system has reduced its gas flaring to 0 mcf a day.

According to the company, monetizing a wasted byproduct has come to be part of its business model. In this way, bitcoin mining, which is notoriously energy consuming, can positively impact environmental sustainability.

Although there are arguments that these types of projects do not offset the impact caused by bitcoin mining, this does not stop some crypto companies from contributing to environmental sustainability.

In 2019, the Republic of San Marino signed a Memorandum of Understanding (MoU) with VeChain. According to the agreement, the crypto firm would help incentivize ecological behavior from the micro country’s citizens. Any citizen who followed a ‘sustainable’ lifestyle received ‘San Marino Innovation tokens’ based on the VeChainThor blockchain. They could do this by reducing carbon emissions, saving water, and reducing waste.

Last year, the IOTA Foundation announced it had formed a strategic partnership with ClimateCHECK, a climate-focused tech company. The two entities worked together to create solutions to combat climate change and foster sustainability.

Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

Greenidge Generation Holdings, a Bitcoin mining company, announced today that it is planning to go public through a merger with Support.com. Greenidge will become the first publicly traded Bitcoin mining company with a wholly-owned power plant.

According to the official press release, the merger is expected to close in Q3 of 2021. Greenidge and Support.com have signed a definitive agreement to merge in a stock-for-stock transaction. Upon completion of the proposed transaction, Support.com will become a wholly-owned subsidiary of Greenidge.

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Greenidge mentioned that upon the completion of the merger, stock and option holders of support.com will collectively own around 8% of the combined company’s stock. Greenidge stockholders will own approximately 92%.

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Commenting on the latest announcement, Jeff Kirt, CEO of Greenidge, said: “This merger is an important next step for Greenidge as we build upon our existing integrated and proven platform for bitcoin mining and a generation of lower-carbon affordable power. The transaction is a validation of our transformational journey, our proprietary relationships and our industry expertise. It will allow for public market growth capital to propel Greenidge as we look to replicate the business model, which we have successfully executed in Upstate New York, and in other locations.”

Greenidge added that the company’s Upstate New York location provides access to some of the lowest-cost natural gas in North America. For the twelve months ended February 28, 2021, the company mined 1,186 Bitcoin at a net variable cost of approximately $2,869 per bitcoin.

The Bitcoin mining sector is growing at a rapid pace due to a surge in the BTC price. China remained the dominant force in crypto mining but other countries are slowly stepping up. The recent announcement shows that the North American Bitcoin mining companies are planning to expand their operations.

“As Greenidge looks to scale and seizes new opportunities for growth, we are their ideal partner. In addition, the transaction represents a significant value proposition for our shareholders by providing them with enhanced liquidity and the opportunity to participate in the growth of what we believe will be a successful competitor in the rapidly evolving domestic bitcoin mining space,” Lance Rosenzweig, President and CEO at Support.com said.

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TL;DR Breakdown

Demands for Bitcoin mining machines tend to increase with significant surges in the market value of the cryptocurrency. Top mining hardware manufacturers are reporting increased exports of mining machines, which indicates the activeness of the crypto mining industry.

This comes amid the growing price of BTC. At the time of writing, Bitcoin was trading at $58,068 on Coinmarketcap after reaching an all-time high of over $60,000 on the 13th March. For the record, the cryptocurrency has increased by almost 110 percent since 2021 and about 35 percent since this month.

A leading cryptocurrency mining machine manufacturer, Canaan Creative, reported a massive demand for miners, especially from North America. As reported by the Global Times, the miner maker sees about 120,000 units presale from the North American market, which accounts for a 17 percent increase from its record in February. Having approached a number of fabs in advance, the company is set to mass-produce mining machines faster, amid the growing demand.

It’s no longer news that the Bitcoin mining industry has been gearing with lots of participation. Since the beginning of 2021, many digital currency mining companies recently disclosed their plans to raise their BTC hashrate by deploying more miners. Canaan is also looking to join the Bitcoin mining business with their machines, in addition to producing and selling to other miners.

Early February, a popular Chinese sports lottery outfit, 500.com, announced its plan to venture into cryptocurrency mining. As Cryptopolitan reported, the company signed a deal to acquire more than 5,000 Bitcoin mining machines at the cost of $8.5 million. Also, Galaxy Digital established a new division focused on BTC mining.

SBI Crypto, the mining subsidiary of Japanese financial conglomerate SBI Holdings, has announced the availability of its bitcoin mining pool service to the general public.

March 19, 2021 | AtoZ Markets – SBI Crypto, a wholly-owned subsidiary of Japan’s SBI Holdings, has opened its bitcoin mining pool for the public. SBI Crypto has been mining cryptocurrencies in businesses outside of Japan since 2017 and is now opening its services to users, according to a press release.

Since March 19, they have been able to join the pool through a request to open an account. From April, the company will simplify the service subscription procedure.

SBI Crypto uses its current hash rate of 1.1 EH/s to ensure the stability of the pool.

SBI Crypto Pool accounts for 1.6% of the total computing power of the Bitcoin network, according to BTC.com. With a hash rate of around 2.4 EH/s, it ranks 11th in the pool ranking.

An external security audit of the mining service was conducted by Silent Break.

SBI noted that part of the pool’s services was developed in addition to the data center management service as part of a strategic partnership with Northern Data AG.

Previously, SBI Holdings acquired TaoTao, which operates a cryptocurrency exchange under the umbrella of Z Holdings to step up its customer base expansion.

Think we missed something? Let us know in the comment section below.

The “fundamental problem is that cryptocurrencies do not work,” the report’s authors write. They add that: Cryptocurrencies slow down transactions instead of speeding them up. Cryptocurrencies add middlemen instead of removing them. Cryptocurrencies add cost to transactions instead of removing it. There is no rational basis for the valuations of most cryptocurrencies.

“The current valuations of the different currencies are not based on their utility, nor are they any indicator of their future utility; they are based purely on speculation,” the analysts say. None of this is true of cryptocurrencies’ underlying technology, blockchains, which can be deployed to reduce all those listed problems: but the currencies themselves add nothing and have no value or backing of their own.

Summing up, Bitcoin mining uses insignificant amounts of energy. Even if Bitcoin prices keep climbing and cryptocurrencies become widely used, a shift to Proof-of-Stake seems likely to seriously reduce energy consumption. And there are good reasons to suspect that Bitcoin and other cryptocurrencies will never seriously scale up because they aren’t really any use for anything and their present value is based purely on hype and speculation.

One reliable method of sustaining hype and speculation, of course, is to suggest that the thing to be hyped is important somehow when talking about something else that is genuinely of great interest – such as climate change.

That might offer a clue as to why the Bitcoin climate angle is being raised so often in some circles of late.

Read more: Enterprise blockchain company Finboot raises £2.4m to set up in Cardiff

Blockchain News – Norway’s Fourth-Richest Man Invests in a Crypto Mining ASIC Manufacturer – Mining Bitcoin News

According to regional reports, the Norwegian billionaire and hedge fund manager, Ole Andreas Halvorsen, is investing funds into an energy-reducing cryptocurrency mining chip hardware company. The company Norway’s fourth richest man is investing in claims to build application-specific integrated circuit (ASIC) mining chips that are allegedly 300%-500% more energy efficient than existing hardware.

Norwegian news reports detail that the billionaire hedge fund manager Ole Andreas Halvorsen is dipping his toes into the cryptocurrency space. A report from Trijo explains that the hedge fund manager and cofounder of the Connecticut-based hedge fund, Viking Global Investors, is now investing in a cryptocurrency-focused firm called Harmonychain.

Halvorsen is joining a number of well known luminary investors from the Norwegian region investing funds into the crypto sphere with investors like Kjell Inge Røkke, Bjørn Dæhlie, and Arne Fredly. Halvorsen himself is considered one of the top-earning hedge fund managers worldwide and has captured the 11th ranking hedge fund manager position in the world according to Fintech Zoom.

According to the report written by Teodor Stig-Matz, Harmonychain was supposed to be listed on the Oslo Stock Exchange. However, Stig-Matz’s report notes that the listing on the Oslo Stock Exchange was postponed.

The Harmonychain website has a lot of interesting claims about the firm’s microchips as well. The company is in the midst of developing a “dual-purpose Artificial Intelligence (AI) and Scrypt algorithm ASIC Supercomputer microchip.”

The harmonychain.com website adds:

[The microchip] is tailored towards Cryptocurrency accounting/mining that is up to 300%-500% more energy efficient than existing Scrypt accounting computer systems.

Because the chip is Scrypt the Harmonychain chip is dedicated to mining the digital asset litecoin (LTC) and Scrypt-based coins. The firm’s claims that the chips are 300%-500% more energy efficient would essentially reduce computer energy use by 70-80%. If research and development goes well, Harmonychain hopes to deploy the Scrypt ASIC semiconductors with AI potential by 2022 or 2023. The startup insists it will be the most profitable mining hardware available when released.

“The ASIC is designed as a dual purpose chip with edge AI potential,” harmonychain.com’s website states. “If prototype production works well, we plan to start mass deliveries in H2 2022 and 2023. According to industry standard, customers can expect to prepay approx. 9-12 months prior to delivery. The Supercomputer is poised to be the most profitable Crypto hardware on the market. Our Crypto Supercomputer miners have an estimated payback of less than 2 years,” the company’s FAQ adds.

Halvorsen joining the crypto economy is a bullish sign to many digital asset investors and enthusiasts. He is one of the most respected hedge fund managers worldwide and a protégé of hedge fund manager Julian Robertson. Halvorsen also joins the great number of venture capitalists and well known hedge fund managers stepping into the cryptocurrency economy.

What do you think about Norway’s fourth richest man getting investing in a cryptocurrency mining chip company? Let us know what you think about this subject in the comments section below.

Miami Mayor, Francis Suarez, stated that more Bitcoin mining should be done in the US because of national security concerns. He added that US has a high supply of clean energy to help in mining.

The mayor of Miami, Francis Suarez, went on record to state that the United States needs to venture more into bitcoin mining to preserve national security because only 10% of Bitcoin mining is done in the USA. The mayor was offering his remarks to a cryptocurrency journalist, Laura Shin, where he stated that with an increase in external mining activities, the environment was bound to suffer from the use of dirty energy.

He also stated that countries that accounted for the majority of mining activities used dirty energy. However since the USA has high reserves of clean energy, increasing Bitcoin mining there would help in environmental conservation. He also added that by using clean energy in Bitcoin mining would be beneficial to the entire crypto market.

Francis Suarez has been one of the major supporters of Bitcoin in the political field. He has taken a number of measures to make sure that Miami is able to accommodate Bitcoin mining activities.

On February this year, Francis Suarez was one of the people who led to a hike in Bitcoin prices. This was after his announcement on how the Miami municipal staff can receive payment in Bitcoin and the city would accept tax payments made in Bitcoin. He also added further that the city council was making plans to invest funds in the cryptocurrency market to earn yields.

Besides this, Suarez has also made sure that the business environment of Miami is attractive to crypto investors. To this end, he is making it attractive for technological firms, mining companies and crypto investors to come to Miami and establish firms there. By doing this, Suarez will make sure that he achieved his goal of making Miami a crypto hub in the US.

Miami is also working towards creating a regulatory environment for the crypto market. They are planning to do this by creating a business space for crypto exchanges and crypto regulatory firms that will make investing in cryptocurrencies even more attractive to investors. By doing this, Miami will be joining other states such as New York and Wyoming, who have taken great strides in boosting the crypto market.

Argo Blockchain, a Bitcoin mining firm listed on the London Stock Exchange (LSX), is about to launch Terra Pool. According to the firm, Terra Pool will enable the creation of green Bitcoins, as it will be a clean energy mining pool. According to the official announcement by LSX, the mining firm had signed a memorandum of understanding with DMG Blockchain Solution, a blockchain and crypto technology firm. The memorandum of understanding is signed to launch the mining pool powered by clean energy.

Accoridng to the memorandum of understanding, Argo Blockchain will be launching the Green Bitcoin miing pool alongwith DMG Blockchain Solution. Moreover, the pool is expected to contain both Argo’s and DMG’s hashrate. Indeed, that hashrate is mostly generated by hydroelectric resources. Furthermore, the pool will offer the BTC miners, a platform to produce cryptocurrency in a sustainable method.

In recent days, many in the world are concerned regarding the power usage in  Bitcoin mining operations. Bigger profiles like Bill Gates, the co-founder of Microsoft was also found concerning regarding the issue. Many in the world criticized the mining operations following the use of resources and impacts on climate change. Following the criticisms, the agreement between Argo Blockchain and DMG Blockchain Solution came.

Peter Wall, the chief executive officer of Argo Blockchain commented that observing climate chage is a priority for the firm. And collaborating with DMG Blockchain Solution is a very essential step to build the first green Bitcoin mining pool. Moreover, he also mentioned that it is important to protect our planet now and for upcoming generations. However, the firm’s commitment to clean energy-based capital deployment is a vital factor in the development of the industry.

It is expected that the Terra Pool will offer both a strong incentive and accessible platform for Bitcoin miners. This will help produce in a sustainable and climate-concious way with the aim of essentially reducing greenhouse gas emissions, over the next decade. However, currently for the short term it seems like the pool will work with Bitcoin miners to expedite the shift from the traditional power to clean energy.

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Bitcoin is often slammed over its high electricity consumption. Critics argue this is wasteful and unsustainable in the long term. However, in an unusual twist to the environmental debate, it turns out that fracking companies are utilizing waste gas to power Bitcoin mining rigs.

The shale industry is in a state of decline. Not only are political, financial, and environmental issues closing in, but the effects of the pandemic have also taken their toll.

With that, turning to alternative revenue streams has become all the more appealing in recent times. Sergii Gerasymovych, the Founder of EZ Blockchain, spotted an opportunity to bring Bitcoin and the fracking industry together.

Fracking shale formations involve digging into the earth before a high-pressure water mixture is directed at rocks to release the gas held within. Waste gas, mostly composed of methane, is also released as a byproduct of this process. This flare gas is typically burnt off as it’s unprofitable to sell.

“Gas flaring is responsible for at least 1% of global carbon emissions, and collectively wastes hundreds of millions of dollars worth of natural resources every year.”

However, Gerasymovych realized that Bitcoin miners and shale companies could both benefit from utilizing the flare gas. Instead of burning it, Gerasymovych proposed using generators to convert the flare emissions into electricity. In turn, this is then used to power Bitcoin mining equipment.

Previously, shale companies were skeptical of this idea. But a combination of factors came together this past year or so, making the idea much more appealing. As the pandemic struck, the price of gas fell. At the same time, the value of Bitcoin has skyrocketed.

But what swayed things was Gerasymovych’s business model, which charges for installing and maintaining the Bitcoin infrastructure. This setup means the fracking firm is the Bitcoin miner using its own waste gas for free.

“The market conditions have changed. Now, every oil and gas company we reached out to in 2018 is calling us back because they see Bitcoin is making a lot of money.”

Researchers estimate the Bitcoin network uses 121.26 terawatt-hours per year, which is equivalent to the energy consumption of a mid-sized country such as Argentina.

The critics argue that burning fossil fuels to power the Bitcoin network accelerates climate change. However, Bitcoin mining is a highly competitive industry. Those with the most efficient mining rigs powered by the cheapest electricity will rise to the top.

It just so happens that renewable hydropower is the cheapest electricity source available, at an average cost of $0.05 per kilowatt-hour. For comparison, fossil fuels can cost more than three times as much at $0.17 per kilowatt-hour. Using waste gas that would otherwise be burned is even better.

However, some maintain the view that it’s hard to justify Bitcoin’s massive energy consumption regardless of the energy source.