A MINER INCONVENIENCE

Gary, Chief Acquisition Officer

Production of coal in the United States in 2019 was down 40% from the peak production of 1,171.8 million short tons (1063 million metric tons) in 2008. Employment of 43,000 coal miners is down from a peak of 883,000 in 1923. This free-fall in the coal industry is mainly due to the result of less demand for coal internationally and less U.S. electric power sector demand for coal. The exposure of miners to coal mine dust causes various pulmonary diseases, including coal workers’ pneumoconiosis (CWP), COPD and silicosis, a long-term lung disease caused by inhaling large amounts of crystalline silica dust.

While coal mining is quickly vanishing, Bitcoin mining is sweeping the world. Those coins don’t mint themselves, my friends. As of June 26, 2021 there were approximately 1,000,000 Bitcoin miners worldwide. To give that some perspective, there are more Bitcoin miners worldwide than there are Starbucks worldwide. Sip on that for a minute. However, several years ago, a Starbucks in Buenos Aires acknowledged that their Wi-Fi service provider hijacked connected customer’s computers and used their processing power to create digital cash. Public Wi-Fi but I digress.

Bitcoin mining doesn’t have the dangers of coal mining. There have been outcries against this new world of mining for its enormous carbon footprint. According to an article in DownToEarth by Robin Scher, based on data from the Bitcoin Energy Consumption Index from Digiconomist, an online tool created by data scientist Alex de Vries, the carbon footprint of Bitcoin, the world’s largest cryptocurrency, is equivalent to that of New Zealand, with both emitting nearly 37 megatons of carbon dioxide into the atmosphere every year, according to a February 2021 CNBC article. An increase in C02 plays havoc with the Earth’s climates by causing changes in weather patterns.

Don’t panic, folks! As Plato famously wrote: “our need will be the real creator” (Wikipedia.org 2020) which was molded over time into the English proverb “Necessity is the mother of invention.” Enter sustainable Bitcoin miners like CleanSpark. According to their website, CleanSpark states, We’re leaning into our energy background to become North America’s Sustainable Bitcoin Miner.” They’re working towards a goal of 100% renewable energy. CleanSpark’s sustainability efforts account for variation in local energy mixes by purchasing renewable energy credits and by deploying distributed energy systems onsite once facilities are at scale. Energy mixes are highly variable, so CleanSpark participates in voluntary programs like Georgia’s Simple Solar as part of its commitment to sustainability. Decentralized energy meets decentralized currency. They identified Bitcoin mining as an area ripe for CleanSpark’s innovation and haven’t looked back. Bitcoin is perhaps the world’s greatest playground for energy technology development that has ever existed. Bitcoin mining incentivizes investment into renewable and distributed energy. Zach Bradford, CEO & President of CleanSpark, said, “We’re changing the future of bitcoin mining–today.”

Other Green Bitcoin Miners: Scrubgrass is generating power in Venango County, Pittsburgh, Riot Blockchain in Rockdale and Texas start-up Crusoe Energy Systems all have their unique way of cleaning up Bitcoin mining. Thanks to all our current and future subscribers for your support and interest. It’s almost go time!

Subscribe to Medallion XLN as we are building the next generation of technology using XR, Blockchain, AI, and the power of decentralization to reclaim our digital sovereignty.