What’s Going On?
Why Does It Matter?
Blockchain mining just got dirtier.
Experts have pointed out that mining for Bitcoins uses “an absolutely stunning amount of power”. According to Digiconomist’s Bitcoin Energy Consumption Index, Bitcoin’s current estimated annual electricity consumption is just
over 60 terawatt hours (for reference, the nation of Morocco could get by on this for two years, according to Wired), so companies have previously been attracted to those nations with lax environmental regulations in order to keep
So Is Australia Killing The Environment?
This is business. Australia has been on the radar for many blockchain companies thanks to a stable investment environment and low sovereign risk, reported The Sydney Morning Herald, but high electricity prices have been an issue – until now. The IOT Group says it will gain direct access to power at cost and save significant amounts by removing grid costs, poles and wires and electricity retailer margins from the business model.
“By locating the IOT Blockchain Applications Complex (BAC) at the power station, these transmission and additional costs are negated,” the company said. Hunter Energy added: “Initially the Redbank plant will be refired and recommissioned in its existing form but with the goal of less emissions. Where practical we will use mine waste tailings that reduce the environmental impacts of dumping mine waste whilst always managing and reducing, where possible, carbon emissions.”