BTC and environmental issues are increasingly inseparable

It is reported that more than 3,000 BTC transactions with an amount of more than 100,000 US dollars were completed in just a few hours last night, which is also the day with the largest number of short-term transactions since March. No matter when you start participating in the crypto market, it is almost impossible for anyone to ignore the various news about BTC that is the most eye-catching today. Let's take a look at the current phenomena worthy of attention from BTC mining today.

The relationship between BTC and environmental issues is getting closer. It has to be admitted that the huge energy consumption of BTC mining has always been an inescapable topic. The impact of proof-of-work mining on the environment may be the most substantial shortcoming of BTC. Just as rhetoric of environmental damage has sparked hostility towards NFTs in the art world, the carbon depletion of massive electricity consumption is an important reason for public opposition to the development of cryptocurrencies in an increasingly energy-scarce world.

Miners are actively seeking solutions to improve people’s attitudes towards Bitcoin. For example, there have been projects that use new energy and surplus energy mining to reduce carbon emissions and improve the environmental friendliness of mining. Nowadays, projects using similar mining methods emerge in an endless stream. Like Texas, some areas with a surplus of new energy are now favored mine construction sites by miners. As the profit margins of the bitcoin mining industry continue to shrink, companies that do not need to purchase electricity externally will have an advantage over their competitors.

Many traditional oil, gas and other corporate giants are also trying to cooperate with BTC mining companies to use waste energy for mining.

For example, there are companies that use excess natural gas from oil wells in North Dakota to power bitcoin mining operations, and the Bakken pilot project mentioned by an oil company executive, which is a project that transports natural gas that would otherwise be burned to a A project of a Bitcoin mining farm owned and managed by a third party. Last year, a Norwegian energy service provider also set up a cryptocurrency investment company, aiming to explore the Bitcoin ecosystem and transfer stranded electricity to various assets. Earlier in 2020, there was a projects aimed at converting natural gas from the burning of oil fields in North Dakota, USA, into electricity, and using this electricity for Bitcoin mining, and so on.

Recently, BTC has completed the Taproot upgrade. For ordinary users, its most intuitive benefit is to reduce transaction fees and improve the anonymity and efficiency of transactions. Therefore, at least this upgrade will not make BTC lose the favor of users, and basically everyone pays more attention to its future development. With the recovery of BTC price, the oscillator index is at a low level, and some people also speculate that the probability of BTC peaking at present is not high, and the probability of continuing an upward trend in the medium term is relatively high. At a time when BTC mining and the token itself are booming, we are still full of confidence in BTC and its mining business.