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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Electricity Consumption of Bitcoin is a Non-Issue: Solar Energy is Free in Some Regions

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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Bitcoin and its trustless, decentralized design requires a unique process called mining that validates each transaction being added to its underlying blockchain. The process involves solving complex mathematical equations, and typically requires some serious computer processing power, and even specially-designed hardware, to validate each block.

Due to the amount of energy consumed during this process, Bitcoin and other cryptocurrencies are often demonized for contributing to global carbon emissions, potentially harming the environment. However, an overabundance of solar energy in some parts of the world may make Bitcoin’s electricity consumption a non-issue in the future.

Free Solar Energy Could Make Bitcoin Carbon Footprint Negligible

As concerns around global climate change grow, the original cryptocurrency is increasingly becoming a topic of much negativity – not just for its recent price movements, but also for its contributions to global carbon emissions. The leading cryptocurrency by market cap’s notorious energy consumption has been referred to by pundits as its “Achilles heel,” suggesting its Bitcoin’s biggest weakness.

However, these claims may be over-dramatized by naysayers and media alike, as solar energy from the sun can easily, cheaply, and effectively be harnessed to power Bitcoin mining.

Related Reading | Bitcoin Has Triggered an Energy Arms Race

Take Chile, for example. Chile has among the highest solar irradiance in the entire world, boasts Latin America’s largest solar power plant, and in general enjoys an abundance of solar power. Chile’s proximity to the equator, climate and weather conditions make the country a prime location for generating solar energy.

Chile is planning on harnessing as much as 19% of the country’s electricity using solar means by the year 2050, according to the roadmap set forth by the country’s Ministry of Energy. Chile is already over-producing so much solar power, it has been giving it away for free since 2016.

Researchers Agree: Bitcoin’s Energy Woes Are Overblown

University of Pittsburgh research associate Katrina Kelly-Pitou, whose work includes the study of clean energy technologies like solar energy says that in time, the energy consumption of new technologies eventually become more efficient, as will Bitcoin and other cryptocurrencies.

“I am a researcher who studies clean energy technology, specifically the transition toward decarbonized energy systems. I think that the conversation around bitcoin and energy has been oversimplified,” explained Kelly-Pitou.

She also explains that not all cryptocurrency mining setups should be treated as equal, suggesting that fossil-based electricity sources as found currently in China would contribute much more carbon emissions than hydro-powered mining farms such as those found in the Pacific Northwest.

Related Reading | Bitcoin Mining Energy Consumption Increases Drastically

Regardless of location, pundits should focus their negativity towards the firms mining for Bitcoin, and the sources of power they use – and stop putting the blame on Bitcoin itself.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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