Can Wind Power Drive Bitcoin Mining in Africa in the Future?September 30, 2020
In more recent years, there have been substantial efforts towards a ‘greener’ more sustainable future in addition to more harsh attempts at combating climate change.
Efforts to make more use of wind power for the generation of electricity has already seen an increase in African countries such as Morocco, Sudan, and South Africa.
Apart from the effects and impacts of human activities on the environment, a lot of people may not be aware of the amount of energy that Bitcoin mining consumes.
There have been numerous ongoing arguments surrounding whether Bitcoin mining is a threat to the environment. The mining of cryptocurrencies, and the Bitcoin network is reported to use around seven gigawatts of electricity, which is equal to 0.21% of the world’s supply.
When comparing Bitcoin mining in various countries, Africa contributes less than 10% of the total global Bitcoin has rate. The main Bitcoin communities in Africa include South Africa, Egypt, Kenya, Ghana, Nigeria, and Uganda.
There are specific demographics attributed to each of these countries as they either encourage or discourage the mining of Bitcoin says Louis Schoeman Senior Analysts from Forexsuggest.com
Egypt has low electricity fees, which has resulted in a constant growth in its Bitcoin mining community while Kenyans are some of the top Bitcoin miners in Africa. South Africa has shown a more relaxed approach to crypto as it is the Bitcoin hub in Africa.
When compared to other countries, South Africans pay relatively low electricity fees, which have led to substantial growth in Bitcoin mining.
How can Wind Power help to promote sustainable Bitcoin mining?
The amount of electricity that Bitcoin consumes paired with the price of electricity in Africa hinder the potential growth of Bitcoin in African countries. Wind power may be the solution to establish a more sustainable way to mine Bitcoin in Africa.
Brookstone Partners is a private equity form which is headquartered in New York which specializes in not only strategic acquisitions, but add-on acquisitions, and growth capital.
The firm has planned to construct a 900MW wind farm in Morocco. The initiative involves the building of a data centre and for wind energy to be converted into electricity for the purpose of mining cryptocurrencies.
Where the expenses of mining bitcoin are concerned, Africans can now earn bitcoin through cloud mining, which involves sharing processing power.
There are numerous benefits involved with cloud mining, one of which is not having to contend with high electricity fees. Cloud mining facilities are the next drive in promoting Bitcoin mining in Africa through the construction of more windfarms and facilities.
Although there is a significant move towards solidifying Bitcoin as a generally accepted currency in modern life, there are still substantial costs tied to the mining thereof, both in the cost of Bitcoin and electricity fees.
The carbon footprint of Bitcoin is concerned with the amount of electricity is consumed when miners try to solve arcane computational problems.
This should be a driving factor and motivation behind establishing more sustainable sources of energy that not only drives Bitcoin in Africa but makes these sources available to local communities who do not have access to electricity.
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