Bitcoin miners, who use 77% renewable power, are turning off machines

Chris Dannen

By Chris Dannen

Bitcoin mining is regularly the target of enviro-skeptics who claim it's wasteful, and who rejoice when the price tanks--as it has again today, forcing more miners into unprofitability. But a new study by Coinshares suggests that most crypto-miners are taking advantage of renewable energy sources, many of them remotely-sourced and otherwise wasted. Instead of sitting idle, these remote generation sites can be used to create real economic value by producing bitcoins, which are free to transport--but this business only works if the market price allows.

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