Bitcoin Miners Utilization of More Sustainable BTC Mining Approaches

News / 10.01.2020

Most people have presented their criticisms in light of the BTC mining processes presented as contentious aspects. This is an enlightenment of the sensitive nature that is presented in the BTC mining process. Also, many individuals in society present their financial freedom, all based at the expense of environmental depletion. Following these claims that have been decided by various individuals is also following insights of possessing decentralized currency that shows unbalanced environmental expenses, basing gold as a significant store-of-value that significantly rivals Bitcoin as a digital currency. 

Chris Burniske Comments 

The Placeholder Venture Capital partner, Chris Burniske, commented that it is both dangerous and difficult to mine gold and Bitcoin. Following his tweet, his comments on the matter clearly stated that “Using numbers from the graph below, if costs are normalized for value-stored then #bitcoin is more expensive to produce than #gold. This reveals to me the world values $BTC at a premium to gold.”

He, later on, explains that this issue presents a very bad market for the environment. In his words, he said that “But that means it’s worse for the environment!” some will say. It’s not so much about the absolute dollars that go into production, but instead how those dollars translate into *consumed resources* to mine and secure the asset.”

Burniske also referenced a report that presented the claims that elaborate on Bitcoin’s sustainability following its comparison to gold. Based on the 2017 report, the primary money that was spent by the Barrick Gold Corporation in the mining process was estimated at 5.3 million gold pounds that were assimilated through diesel fuel. Based on the crude oil utilization in the general production of gold, a 0.27% cost is used on gold based on the entire globe’s consumption. Also, more than an average of about 75% of energy is used in Bitcoin production, and these are renewable sources of energy. Based on Burnsike’s comments and projections, he predicted that the Bitcoin energy sources had higher chances of being presented as renewable sources entirely. He said that, “The type of energy we can put into mining Bitcoin is infinite, requires no marring of Earth’s surface, and high odds it pushes towards 100% renewable energies much more quickly than the gold industry does.”

Also, Burniske finally made his last comments on the matter, and his understanding was that gold was considered an energy-intensive that brings the aspects of “centuries passed.” His last remarks were that “If rising generations realize #bitcoin and #goldprovide equivalent services but $BTC is much more sustainably produced, that alone could cause them to migrate.”

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.