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Bitcoin Miners Want to Recast Themselves as Eco-friendly


An image of a bitcoin, hovering over a power plant.

Facing criticism from politicians and environmentalists, the cryptocurrency mining industry has embarked on a rebranding effort to challenge the prevailing view that its electricity-guzzling computers are harmful to the climate.

Credit: Financial Times

Amid criticism about the amount of energy used to generate computationally-intensive cryptocurrency, all five of the biggest publicly traded crypto mining companies are developing or already operating plants powered by renewable energy.

The Texas facility being built by Argo Blockchain, for instance, will be fueled primarily by wind and solar energy.

Some industry executives even believe demand from crypto miners will spur wind and solar companies to build their own facilities.

Meanwhile, the Bitcoin Mining Council was established in 2021 to address climate issues, among other things.

TeraWulf, a council member, plans to operate cryptocurrency mines using over 90% zero-carbon energy, with a retired coal plant in New York fueled by hydropower and a nuclear-powered facility in Pennsylvania in the works.

TeraWulf's Paul Prager said, "Everyone I talk to now is talking about carbon neutrality. The language has absolutely changed."

From The New York Times
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Abstracts Copyright © 2022 SmithBucklin, Washington, DC, USA


 

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