Blockchain

In a joint declaration released yesterday, DMG Blockchain Solutions Inc. as well as Argo Blockchain Plc revealed their partnership in the Crypto Climate Accord (CCA) to promote the decarbonization of the cryptocurrency market.

Elon Musk invested $1.5 billion in Bitcoin and a big spike has been seen in this digital currency. One of the reasons behind rising cryptocurrency use in transactions of varied nature is the way it is presented in the society. It is digital and exists in a database, where it is stored after being generated with the use of computing processors which require electricity to run. Geothermal power in Iceland and Hydropower has already been proven beneficial in crypto mining and solar energy can be beneficial for the same at locations where the sun shines well.

It is observable that the business of cryptocurrencies is a growing market, bitcoin alone has a value of 70 Billion Dollars. However, a growing issue with bitcoins is their mining process. Massive amounts of power are required to run these operations

Cryptocurrency and its mining processes have often been blamed for their negligence of the environment as the tremendous amounts of energy required to power the business has even surpassed the power consumption of some small nations on the planet. This is further echoed by the fact that the energy requirements are often fulfilled by unsustainable methods, such as fossil-fuel based electricity generation, leading to carbon pollution at the hands of the industry.

Solar energy and cryptocurrency, on first glance these two fields look vastly different. But on closer inspection, we can spot a lot that is common and analyze how both domains converge in various aspects.

In the realm of cryptocurrency, a growing trend is linking up the energy requirements for the mining operation with renewable sources of electricity generation to obtain more profitability. Mining cryptocurrency is greatly influenced by the source as well as the cost of electricity as this determines the potential profit margins.

Humanity is currently in the middle of the era of the Internet. The World Wide Web, digital media and globalization have all but transformed the very existence we are a part of. Everyday scenarios and situations have gained digital counterparts, and things that would once require significant effort are now available at the touch of a finger.

It goes without saying that the 21st century is the era of digitalization with numerous innovative solutions that are constantly implemented and improve the quality of our life. The renewable energy sector did not stay on the sidelines and has been significantly changed for the last 15 years.