Some members of the mining community of China are hoping to move away from the conventional mode of energy sources, according to the China Global Television Network.
Recently, authorities from China stated that the government would crack down on crypto mining farms because of the heavy power resource they attract and the dramatic footprint it would leave behind on the environment. One popular example of this crackdown was against an unauthorized coal extraction plant that was using the generated output for crypto mining. The illegal power plant went against the Chinese government plan to counter climate change.
However, According to Arthur, miners are hoping to work with the power sourcing organization in the bid of utilizing the excess power generated by the companies in order to avoid wastage of excess energy.
Bitcoin mining in eco-friendly meadows
Mining farms takes a huge amount of computational resources because it solves complex mathematical calculations in order to validate the on-chain transactions also denoted by proof of work. Hence there is a substantial amount of power that these machines draw to cool, maintain and function.
China latest crackdown has resulted in an exodus of many substantial crypto miners from the country as they look to seek immunity in other areas like Texas, Central Asia and Serbia. Not only that, the crackdown has also resulted in miners figuring out non-traditional ways of sourcing energy like cow dung and volcanoes.
According to Lee, miners prosper in China because of its economic electricity, labour, safety and land. However, this is not the case anymore because of the law changes that have been made.
Commercial digital assets miners
In the meantime, some experts state that BTC mining has aided the country’s inside economy and should not be forced to such hard measures that could lead them away from the country.
According to the academic from the Chongqing Technology and Business University, one shouldn’t forget that BTC mining has generated a huge sum of tax revenue and jobs that in the process helped China to fight poverty.
The academic carried on stating that rather than building up more boundaries and settling outside miners, power organization and lawmakers should collaborate and help grow the economy of this industry.