The cryptocurrency industry has taken off in popularity with a huge influx of users accepting the assets, using them for daily purchases, and even government entities following along with a regulatory framework to promote the use of blockchain technologies. With this large amount of growth, the industry has also seen record-breaking levels of mining operations taking hold. According to The Bitcoinist, the hashrate hit record highs this year with over 72 Quintillion hashes per second. These hashes are the foundation of the Bitcoin network, allowing transactions to be processed through the decentralized peer to peer system. This huge increase in mining comes with significant levels of energy consumption. It’s estimated with a story from CoinTelegraph, that a single day’s worth of Bitcoin mining electricity could power over 6.7 million households with their daily electricity needs. With this in mind, we hope to take a closer look at the carbon footprint of Bitcoin and cryptocurrency mining in 2018. Then we’ll take a short moment to discuss the VenusEnergy’s proposed solution to this massive carbon footprint created by cryptocurrencies.

Key Network Energy Consumption Statistics

There are some surprising statistics about Bitcoin’s mining and energy consumption levels. A single transaction on the network takes as much power as 31 households use in a single day or in terms of energy, 200 million kilowatt hours are consumed each day to power the Bitcoin network. The report goes on to suggest that the daily level of carbon footprint hits nearly 36,000 kt of carbon dioxide. These massive levels of the greenhouse gas producing activities simply cannot be sustained if the assets of cryptocurrencies are to be accepted by the masses. Yet, the entire Bitcoin network operates exclusively through these mining operations. They allow the network to securely transact in a decentralized yet secure manner. To combat this problem of massive non-renewable energy consumption, VenusEnergy plans to develop mining operations which are nearly carbon neutral, powered by renewable energy.

The VenusEnergy Solution

To combat this problem of massive consumption of nonrenewable energy, VenusEnergy plans to develop a solution for mining operations focused on renewable power. The project will aim at mining the top tokens on the market which bring back the best profitability to token holders. Furthermore, the project will aim to become a thought leader in the cryptocurrency mining space with a focus on renewable energy solutions. The VenusEnergy team believes not only will this set an environmentally friendly example to the world with regard to cryptocurrency mining but it will also help bring the best profits back to token holders seeking to capitalize on VenusEnergy mining operations. In the long term, renewable energy is projected to be cheaper than traditional and pollutive energy sources like coal, oil, or natural gas. With this energy cost savings, the project can provide more of a net profit to token holders. All and all the team should be well positioned even with the declining price of cryptocurrency currently, especially since the operation should have lower operational costs while operating with renewable energy.