Crypto-currency is seen as one of the investment options for many of the investors across globe, it is seen as alternate for Gold by many investors however there are some controversies looming around digital currencies always but investors are known for their risk taking abilities keep on investing due to its higher returns.
Tesla had announced earlier that they would accept Bitcoin for their cars, also Elon Musk had invested USD 1.5 Billion in Bitcoin, this move had lead to a jump in bitcoin prices and provided very high returns to investors.
Elon Musk recently in a TV show expressed a different view on Crypto-currencies that Crypto mining is bad for environment as it consumes lot of energies which are made from non-renewable resources like Coal and it also causes pollution to environment.
Yes, it is true that Crypto mining requires high energy due to its need of lot of computational power. As well, if we compare Bitcoin transaction and a payments provider transaction like Visa, Bitcoin can process seven transactions per second at most - that's its maximum capacity but a payments provider like Visa can do 65,000 transactions per second if needed.
An UK based farm owner, Philip Hughes uses anaerobic digestion method and mines crypto from Cow dung. A big six-cylinder engine running at 500rpm turns methane given off by decomposing cow manure into electricity. Left over is used as fertilizer. This method proves to produce 25 times lesser harm to environment than other traditional methods.
Philip utilizes only one third of power generated for mining, remaining is consumed by his farm. Currently Philip is mining Ethereum as it consumes lesser energy than Bitcoin. In addition to anaerobic digestion, Solar & Wind Energy is also used to mine crypto-currencies at various places.
It seems that crypto mining can provide return to owners of renewable power generation with almost 10 times return than selling to power generation companies which may vary from one country to the other.
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