How Big Oil Could Provide the Fuel for Bitcoin's Growth
We've probably all heard the statistic that Bitcoin (CRYPTO: BTC) uses more energy than some countries. While that is true, there are noteworthy innovations taking place that could help ease the cryptocurrency's shaky environmental track record.
To run their powerful computers 24 hours a day, Bitcoin miners are incentivized to look for the cheapest and most accessible forms of energy. Traditionally, this has been electricity. While there are signs that Bitcoin miners are starting to use renewable energy sources such as wind or solar, another candidate is slowly gaining momentum as a viable alternative that could not only increase miner profitability but also minimize greenhouse gas emissions.
In an analysis published this month by Cathie Wood's ARK Invest, Sam Korus, its director of research for autonomous technology and robotics, explored the possibilities that harnessing excess methane gas emitted from natural gas drilling could make Bitcoin mining cheaper. Korus points out that not only would it make mining more profitable, but it would also clean up an industry plagued by pollution.
Source Fool.com
