In South Australia, a solar-powered Bitcoin (BTC) mining facility has begun operations, becoming the first facility of its sort in the area.
Angelo Kondylas, a representative of Lumos Digital Mining, indicated that the facility has the capacity to mine at least 100 Bitcoins each year, though the number is dependent on the availability of electricity.
He indicated that the corporation may at some time take electricity from the main grid if the output has to be increased. The Whyalla, Australia-based firm also intends to assist other businesses in using solar energy for Bitcoin mining.
“Energy producers may spend $10 million because they must shut down that day because the system is overloaded. Kondylas said, “We are essentially a sponge; we absorb up the extra that is not used.”
Nick Champion, the state minister for trade and investment, said elsewhere that the use of solar energy would help the decarbonization of the blockchain in the face of rising demand.
Recently, the White House issued this warning, stating that the manufacture of cryptocurrency might disrupt efforts to combat climate change. The White House noted in a report that actions must be made to address the problem, but no specific regulations were provided.
President Joe Biden’s Executive Order directing federal agencies to research the evolution of cryptocurrencies includes the most recent worries over Bitcoin’s power usage.
As a result, on September 16, the White House issued its first-ever crypto framework advocating for further regulation and other laws governing cryptocurrency.
Also Read: Bitcoin Exchange Inflows Peak In March 2020
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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