Bitcoin miners say energy efficiency and regulatory certainty are critical to industry success

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Bitcoin mining often has been criticized as an imperfect process due to energy wastage, but big firms in the industry are trying to maximize efficiency and sustainability while aiming for regulatory clarity.

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In a dimly lit room at the FTX and SALT Crypto Bahamas event, some of the world’s largest crypto miners took to the stage to discuss the future of the nascent but growing industry in a Crypto Mining: Maximum Efficiency and Sustainability panel.

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Crypto miners are looking to improve their marketplace with efforts ranging from improving hashrate efficiency, which is the amount of power a machine needs to produce bitcoin, to data mining centers that become more specialized and optimized for lower power consumption — Marco Streng, CEO and said the founder of Genesis Digital Assets at the event.

Computers that mine bitcoin 58 times more effective than eight years ago, according to a report from the Bitcoin Mining Council. In addition to making machines more efficient, the design of facilities and energy sources has become much more efficient, which improves the performance of a single bitcoin mining computer, Mike Levitt, co-chairman, co-founder and CEO of Core. Scientific, he said.

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According to Strang, some miners even use excess heat and convert almost 100% of it into heat-generated energy that would otherwise be wasted, but is instead channeled into energy.

“It is now clear that miners are leaning towards renewable energy,” Strang said.

According to the study, of all the energy that is generated and used in the United States, about 65% in 2021 was wasted. diagram Lawrence Livermore National Laboratory, a research facility funded by the US Department of Energy and the University of California, Berkeley.

According to Strang, miners can be a solution to the problem of wasted energy.

Jamie Leverton, CEO of Hut 8, agreed.

“Working together with the local power grid, we are effectively a stabilizer,” Leverton said.

According to Brian Brooks, CEO of Bitfury, the amount of energy Bitcoin needs to produce $1 billion worth is significantly less than the amount of energy it takes for something like an airline to create $1 billion worth.

According to all the participants in the discussion, the key point that is now hurting the crypto mining industry is the lack of clarity in regulation.

“As soon as we get [regulation], we think the pace of innovation should increase because we will know the rules of the game,” Levitt said. “Hardware efficiency has increased significantly, energy efficiency and free markets have made us aware of how we properly distribute electricity. “

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