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74% of the World's Bitcoin Mining Operations Driven by Renewable Energy Says Report

74% of the World's Bitcoin Mining Operations Driven by Renewable Energy Says Report

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The developers behind the Bitcoin-Cash-based Electron Cash light client have added a slew of new features to the latest 4.0.6 version. Now Electron Cash users can send bitcoin cash to mobile phones via the Cointext service. In addition to this new functionality, the Cashshuffle implementation within the wallet now permits up to 99.9999 BCH per shuffle, instead of the default 50 BCH the platform previously allowed.Also read: Bitcoin.com’s Local Bitcoin Cash Marketplace Is Now Open for TradingThe Electron Cash wallet is a light client that offers Bitcoin Cash (BCH) users a bunch of versatility and privacy. The wallet was the first to introduce a noncustodial solution for Simple Ledger Protocol (SLP) tokens and Electron Cash (EC) users can create SLP tokens with a specific SLP version of EC. The light client also introduced the privacy-enhancing Cashshuffle protocol to the platform and BCH supporters who utilize EC can shuffle their bitcoin cash for added transaction obfuscation. On June 6, the developers upped the ante once again by adding various improvements to Electron Cash version 4.0.6. The first addition has excited the BCH community as the latest EC version gives users the ability to send BCH to mobile phones via Cointext.Electron Cash Users Can Now Send Bitcoin Cash to Mobile PhonesRoughly three weeks ago the BCH-based and open source Android wallet Crescent Cash also added the ability to send coin through Cointext. This means that with EC implementing the Cointext feature, BCH users now have a few noncustodial solutions to choose from if they want to utilize this feature. After the latest EC 4.0.6 version release the Youtube channel Bitcoin Out Loud published a video that shows how EC users can send BCH to any mobile phone. BCH supporters were thrilled to hear the news and discussed the topic on the Reddit forum r/btc.“Amazing work everyone — This is why BCH has a future,” one person remarked on the forum. “So many epic projects are happening here while ‘other’ projects are stagnating.”Electron Cash Users Can Now Send Bitcoin Cash to Mobile PhonesEssentially, in order to use the Cointext option with EC simply enter ‘cointext: ANY_PHONE_NUMBER’ (e.g cointext:12125551234) in the send tab. There’s also a new transaction dialog feature that allows you to get accurate fees, input addresses and input amounts for any transaction in the wallet. Another notable improvement that should add more liquidity to the Cashshuffle protocol is the raised default shuffle limit to 99.9999 BCH. The former version of EC had a Cashshuffle default limit set to 50 BCH and now a great number of coins can be shuffled at once.Electron Cash Users Can Now Send Bitcoin Cash to Mobile PhonesElectron Cash is so far the only wallet that has implemented the Cashshuffle protocol but since the release of the Cashshuffle library and statements from other wallet curators, that will change in the near future. People utilizing the EC wallet to shuffle coins have completed 10,422 shuffles since the official Cashshuffle launch on March 27, 2019. So far, 51,295 BCH or $21 million at current bitcoin cash prices has been shuffled. The latest Cointext implementation offered by the Electron Cash wallet also follows Cointext and Anypay’s recent remittance solution announced on June 3. Bitcoin cash payment processors, supporters and now infrastructure providers who develop wallets are finding great value in providing individuals with the ability to send BCH to any phone with SMS messaging capabilities.What do you think about EC adding Cointext abilities and the latest Cashshuffle limit increase for shuffling coins? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Twitter, Electron Cash, Acidsploit’s stat page, and Pixabay. Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely. On June 3, the popular bitcoin cash (BCH) light client Badger Wallet launched its open beta version for iOS mobile… read more. Samsung’s new flagship smartphone, the Galaxy S10, had one of the most anticipated premieres this year. The launch of the… read more. Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.
There’s a lot of debate over whether bitcoin mining is bad for the environment. Many bureaucrats and mainstream media pundits claim that mining is wasteful and bitcoin’s energy consumption cannot be ignored. However, these claims have been refuted in the past and on June 6, Coinshares published a report that details mining is not environmentally imprudent but rather 74.1% of the Bitcoin mining industry is “heavily” driven by renewable energy sources.Also read: Report Insists ‘Bitcoin Was Not Purpose-Built to First Be a Store of Value’There’s been clamoring over the years concerning bitcoin mining and how people believe the energy resources the industry consumes is reckless. For instance, there have been countless reports stemming from China that allege Chinese politicians are negative about the mining industry within the country. For years now the majority of bitcoin miners have been based in China and recently the country’s National Development and Reform Commission (NDRC) wrote on April 9 that the department believes bitcoin mining “wastes resources and pollutes the environment.” This week Coinshares, a crypto investment products and research company, published an in-depth report that states otherwise and highlights how renewable energy is dominant within the bitcoin mining industry.Throughout the report, Coinshares explained how the firm researched the efficiency, electricity consumption, electricity sources, geographical distribution, and composition of the mining network on the BTC chain. At the moment the study explains that the market average since November for the cost of creation at $0.05 per KWh and “depreciation schedules has decreased from approximately $6,800 to approximately $5,600.” This means at current prices mining bitcoin is very profitable and the researchers note that even older mining rigs are competitive. The biggest takeaway from Coinshare’s report is that most mining facilities are located near renewable energy suppliers. Coinshare’s June 2019 study states:We calculate a conservative estimate of the renewables penetration in the energy mix powering the Bitcoin mining network at 74.1%, making Bitcoin mining more renewables-driven than almost every other large-scale industry in the world. According to the report, BTC miners captured an estimated $5.5 billion in block rewards and roughly $300 million in transaction fees. 97% of the $5.5 billion consisted of newly minted coins stemming from the block reward. While observing the mining industry Coinshares spotted two macro trends which include a large number of liquidations and bankruptcies and the “first at-scale deployment of the latest generation mining gear.” Coinshares also discussed the ~40% drop in hashrate during Q4 2018 and two separate drivers sparking the recent spike in hashrate. “The re-starting of much of the previously shuttered mining gear as the Bitcoin price recovery has caused even previous-generation mining units to become cashflow positive at commonly attainable wet-season electricity prices,” Coinshare’s report notes. The report also highlights the penetration of next-generation machines and asserts that the “deployment of next-generation mining gear at appreciable scale, predominantly in Sichuan, in line with the advent of the wet-season” was also a contributing factor.Coinshares says that it is true there is uncertainty when it comes to Chinese miners and the government’s policy toward them. However, unlike the mainstream media, Coinshare underlines the big difference between local municipalities and the national government’s treatment toward the mining industry. The report emphasizes that China still plays a leading role within the mining sector and claims:On the other hand, Chinese dominance in the hardware manufacturing sector remains as strong as ever and is showing no immediate signs of reduction. Even if the most damning rumours of Bitmain’s struggles were true (we have our doubts), it would have minimal impact on Chinese dominance in the miner manufacturing sector as all other relevant manufacturers are also Chinese.The report also reveals an estimated electricity draw from the mining industry which assumes that currently the entire bitcoin mining industry is consuming roughly 4.7 GW worldwide. With the renewable power generation in the mining industry capturing more than four times the global average, the number has still has dropped a hair since last November. Last year’s November report detailed the amount of renewable energy-dependent miners was 77.8%, but Coinshares notes this is due to a recent upstart of smaller mining clusters using fossil fuels.“Overall, our findings reaffirm our view that Bitcoin mining is acting as a global electricity buyer of last resort and therefore tends to cluster around comparatively under-utilised renewables infrastructure,” the research report concludes. “This could help turn loss-making renewables projects profitable and in time—as the industry matures and settles as permanent in the public eye — could act as a driver of new renewables developments in locations that were previously uneconomical.”What do you think about the latest Coinshares report that notes the mining industry is using renewable power heavily across the globe? Let us know what you think about this subject in the comments section below.Image credits: Shutterstock, Blockchain.com, and Coinshares June 2019 Mining Report. Did you know Bitcoin.com offers cloud mining contracts? Both BCH and BTC: You can either choose to mine Bitcoin Cash (BCH) or Bitcoin Core (BTC), and you can easily switch between the two at any time. Check it out today! Venezuela is among those nations where cryptocurrencies enjoy faster adoption. The South American country suffers from a political and economic… read more. The energy used to mine bitcoin has long caused debate over whether it's a wasteful process. As the arguments have… read more. Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

Source from : News.bitcoin
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