Christopher Bendiksen, the Head of Research at CoinShares, published a blog on Medium about the truth and myths concerning Bitcoin (BTC) mining aptly he titled it as ” An Honest Explanation of Price, Hashrate & Bitcoin Mining Network Dynamics”.
The article covers several facts surrounding BTC mining including one of the most talked about issue currently, that miners are shutting shop due a decline in mining profitability, and hash rate. It goes on to elaborate, how mining is not environment threatening as many critics claim it to be.
Bitcoin Mining is Clean Industry
While covering the integrities pertaining to BTC price, hash rate, and mining network, Bendiksen claimed:
“Bitcoin isn’t dead. Not this time nor the 326 times before.”
To start off he cleared off BTC from being an environmental hazard. It is an energy-intensive industry and some non-supporters often argue that mining BTC poses threat to the environment. However, the latest research by CoinShares, crypto products, and research company, illustrates that BTC mining is not as harmful as it has been made to believe. It is rather,
“By inference, that makes bitcoin mining one of the cleanest industries on the planet, a far cry from the dubious claims put forward by less researched, and more opinion-based sources.”
He shared this insight in his official Twitter page as well:
1/ @CoinSharesCo just published the latest update in our #bitcoin mining research series: https://t.co/jt3yMELA8b
If you read no further, we show that #bitcoin mining is predominantly powered by #renewables, with a lower bound of 78% renewables penetration vs the 18% global avg. https://t.co/LzOTwRoxkC
— Christopher Bendiksen (@C_Bendiksen) November 29, 2018