The energy threat of Bitcoin crept up on us stealthily, but environmentalists have now spotted it looming in the corner (in a ninja costume), and it can’t be ignored.
Need a quick rundown on how, exactly, Bitcoin is taking over the world of energy? Let’s review.
Bitcoin is a type of cryptocurrency: a digital currency that uses an encrypted code to “hide” each digital coin. Bitcoin is currently the most popular and profitable currency, so a growing number of people are setting up computers to “mine” the currency, which is basically searching for the specific code that denotes a coin’s existence. Bitcoin mining takes up a lot of energy. A LOT. Like, if Bitcoin was a country, it would replace Bulgaria as the 59th country in energy consumption. It’s a massive energy consumer, and it doesn’t look like its growth is slowing down anytime soon.
In fact, if bitcoin mining continues to grow the way people think it will, it will surpass the world in energy consumption by the year 2020. The. Entire. World. Are you paying attention yet?
Clearly, bitcoin mining is becoming a big problem, energy-wise. But cryptocurrency mining is so profitable, people are willing to let their computers burn all the energy they need, however they can get it. Usually, they’re not getting it from the sun…
...But they could be. It’s likely that the government will step in before Bitcoin begins consuming a lion’s share of the world’s power, but it would make sense to make a major shift in the mining power supply right now… to solar (you guessed it.)
There is virtually no upper limit to the amount of energy Bitcoin could consume worldwide, because there is no upper limit to its price. It’s time to upgrade the source of Bitcoin’s energy resources to one with an impressively small environmental footprint.
In its humble beginning, bitcoin mining could be done on any old personal computer. Even though the PC plugged into the wall is still draining energy, the power required by the new supercomputers necessary for bitcoin mining have posed new questions, not just for environmental sustainability, but also for mining profits. The price of Bitcoin has swelled by thousands of dollars over the past year alone, and is likely to continue appreciating. The price of powering a mining operation, however, has not fallen in the traditional sense. This is perhaps where bigtime miners could be sold on solar power… especially when coupled with energy storage.
Investing in solar energy could be another way for bitcoin miners to cash in. The price of electricity is now being considered a huge overhead cost, but the cost of solar panels, as well as lithium ion solar batteries, has been on a downward trajectory recently. Using renewable energy could not even save money on overhead costs, but potentially provide bitcoin miners with an additional source of revenue if they live in states like California, which pay solar and battery owners for their excess power.
Pitching solar usage for bitcoin mining because of its economic attractiveness could actually work (since many miners evidently don’t care much about the environmental impact of using dirty energy.) Solar provides power that is cheaper than the grid, and users don’t have to deal with the cost volatility of other fuel sources.
Instead of watching Bitcoin take over the world, we’d rather watch a full-scale solar revolution. That’s why we’ve created EnergyShield--because we think everyone should get hooked up with solar power and energy storage, whether they’re mining cryptocoins, or just cooking breakfast.
EnergyShield offers a home battery plan that starts at just $1 a day. It’s a bundled package of premium black panel solar generation and a compact lithium-ion battery that can be your home’s gateway into the glorious solar energy storage world.
With solar energy and energy storage, the ticking time bomb of Bitcoin is easily diffused… and when solar and storage are adopted in residential households, we create a stronger, more distributed grid. That means the perils of the failing energy grid can be diffused at the same time. If you’re ready to upgrade the way you use energy, however you’re using it, contact [Swell Energy(http://www.swellenergy.com) for a quote.