bitcoin mining operations may soon move to Kenya. The African country now provides miners with a green energy source to achieve their green mining goals.
The energy consumption of bitcoin is often the subject of strong criticism. However, since the summer of 2020, the cryptocurrency ecosystem and miners have been determined to use other energy sources with a lower carbon footprint. Kenya wants to help the industry achieve this goal. In this sense, the nation seeks to provide a renewable energy source to bitcoin miners.
kenzen romance miners
As of now, Africa does not host any bitcoin mining farm. But Kenyan energy company KenGen wants to change this reality. It intends to provide a green energy source to the miners. To profit, they have to position their facilities around the company’s geothermal plant.
“We have space and electricity close, which contributes to sustainability,” said Peketsa Mwangi, KenGen’s director of geothermal development.
According to Quartz Africa, Kenya could be the leading producer of thermal energy in Africa. The country has a supply capacity of 863 MW, mainly supplied by KenGen. However, experts estimate that the country could have a thermal power capacity of 10,000 MW.
Bitcoin Mining: What About Energy Consumption?
At approximately 2214.09 kWH, one transaction on the bitcoin blockchain consumes the same amount of energy as an average American household in 75 days. And, it is 1234.93kg CO. dumps the2, equivalent to 2,737,036 transactions on the Visa network. The annual figures are even more shocking. According to Digikonomist’s data, the energy consumption of bitcoin is 204.5 TWh, which is comparable to a country like Thailand.
However, bitcoin’s share of green energy has increased significantly in recent years. A report by the Bitcoin Mining Council (BMC) on the energy consumption of the cryptocurrency for the fourth quarter of 2021 shows that the electricity mix of bitcoin is 58.5%.
As the table above shows, the energy mix of miners is far greater than in many countries around the world. As per the data reported by BMC, only Germany and England are approaching the 50% mark. The energy mix of the two countries is 48.5% and 43.5% respectively.
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