The emergence of cryptocurrency technology powered by a peer to peer network of users has revolutionized the world. With this revolution has come a huge increase in the consumption of energy to sustain the network. With a range of cryptocurrency assets existing today from Bitcoin to Ethereum and hundreds of others, there is an increase in demand for mining operations. Furthermore, the mining operations to sustain these peer to peer networks consume a ton of energy. As the cryptocurrency industry takes ahold of more users and usage by the mass public, the need for an ever increasing amount of energy becomes apparent. Even though it’s currently a problem in the market, VenusEnergy plans to implement a solution to solve these huge levels of energy consumption.

The Current state of Blockchain Energy Consumption

With Bitcoin sitting at the top of the Coin Market Cap, it currently consumes the largest portion of blockchain mining even though there are nearly 2,000 other tokens in existence. With the Bitcoin dominance at nearly 60% of the market, it’s quick to see it’s dominating force over the cryptocurrency market. Through these trends, Bitcoin consumes a ton of energy for its existence to be supported. Estimates suggest that Bitcoin consumes as much energy as the entire country of Ireland or 2.6GW of power. This may jump to nearly 8 GW of power or nearly half of the world’s energy consumption. This level of energy usage is simply unsustainable.

Blockchain Mining Problem

The popularity of blockchain exploded at the end of 2017 and saw huge gains in both price action and usage around the world. With these high levels of adoption and global usage, the energy consumption demands also continue to grow at an unimaginable level. As noted, the growth of Bitcoin mining power consumption has reached surprisingly high levels with only ten years of existence. As the technology picks up in popularity, there will be an equal increase in the difficulty of mining and thus become harder and harder for mining operations to sustain with reasonable energy levels. The solution to this is presented by VenusEnergy with renewable energy to power the mining operations.

Renewable Energy for Cryptocurrency Mining

The solution for the immense amount of growth in the energy consumption of blockchain mining, the world will need a renewable energy source for these mining rigs. VenusEnergy believes this and will implement a renewable energy mining solution for the top cryptocurrencies including Bitcoin, Ethereum, Monero, and other top tokens. With the implementation of wind and solar energy, the VenusEnergy team hopes to solve the energy consumption crisis which is apt to hit blockchain technologies, if it has not already done so. The future of cryptocurrency mining should be based upon a renewable resource. With this in mind, the VenusEnergy team hopes to lead by example. The future of cryptocurrency should be powered by renewables as this can become an important cornerstone to the public relations campaign it will face against fiat currencies. All and all presenting a powerful argument for the importance of this innovative cryptocurrency mining solution.