It is perhaps a small revolution that is looming in the world of cryptocurrency: Bitcoin would gradually become more and more ecological. Indeed, you are not unaware that bitcoin miners are very often accused of an impressive waste of energy. This is due, in particular, to the phenomenal computing power required to carry out all transactions across the planet. Things are now likely to change.
A new protocol to reduce electricity consumption?
In order to get an idea of the significant impact of Bitcoin on our electricity consumption, it is estimated that for the year 2021, the cryptocurrency consumed between 100 and 130 terawatt hours. By way of comparison, a country like France consumed 468 TWh for the same year. You will have understood: Bitcoin consumes almost a quarter of the energy of a country like France. It is then essential to find another way to mine Bitcoin.
It could then be that the world’s first crypto-currency is inspired by what is about to set up the second (Ether): a halt in transaction validations (what is called “proof of body”). Thus, it will no longer be necessary to validate each transaction carried out in bitcoin, which requires impressive computing power, but rather to use the frozen sum method (“proof of skate”). In concrete terms, this means that during a transaction, operators are authorized to validate them using a sum frozen in a wallet. In exchange, a transaction fee waiver is offered as a reward. It is still too early to know if Bitcoin would adopt this way of doing things, we should know more in the coming months.
What are the other ways to have a green Bitcoin?
In the meantime, this does not prevent us from activating in order to find other solutions to reduce the energy impact of Bitcoin. The first thing is of course to use renewable energies. Moreover, this is a concrete objective for crypto-currency, and we should turn more and more towards this mode of validation. However, this is not enough: Bitcoin mining still creates significant heat. The latter comes from overpowered computers and are pure losses. Thus, one could consider recovering this type of heat in order to use it to heat a district or several buildings. For example, by installing a hot water system, it is perfectly possible to reuse the heat from the air, towards the water.
In short, the ideas are present, all that remains is to implement these actions. Moreover, this is being done more and more and we can only encourage these positive developments. Finally, to end our article, it is good to remember that there is a large community of particular miners. The latter waste energy just as much as elsewhere, and it is difficult to recover the heat emitted… Of course, this makes it possible to heat the individual’s home in winter, but in summer, it is something else. In short, making Bitcoin ecological is quite an adventure.