The miners of the leading virtual coin made their case for their sector as the leader when it comes to adoption of clean energy. Earlier on, critics had depicted that most Bitcoin miners are nothing but just causers of ecological disasters. All these became apparent at the Fidelity Morning Summit, which was held on Friday.
About The Fidelity Event
The venue for this great event was just as notable as the discussions that were held there. The conference was hosted at the Fidelity Center for Applied Technology in Boston. This is a division of R&D that has mainly focused on Bitcoin mining. As compared to most of the market incumbents, Fidelity has embraced the crypto markets more than any other. This year, it was able to introduce the Fidelity Digital Asset Services. This new service takes care of Bitcoin custody for the organizational clients. It is also expected to roll out serious trading in the weeks that are coming.
Disapproving The Popular Perception
The conference kicked off after the 300 attendees had been fully welcomed. That was then followed by a brief overview of the history of mining by Jurica Bulovic. Bulovic is the Fidelity Labs’ innovation manager. The stage was then ceded to the guest speakers who had been drawn from various corners of the whole industry. When Bitcoin miners finally got an opportunity to speak, they sought to disapprove a popular perception that has been going on in the market. This is a perception that a great amount of electricity meant to secure the BTC network is a threat to the environment. According to Digiconomist, the amount of this electricity is 0.26% of the entire world consumption.
Why Miners Are Catalysts For The Development Of Renewable Electricity
For a long time, miners have constantly been looking for an affordable source of energy. This explains why they will remain catalysts for the development of renewable electricity in the coming future. The information was given by the Chief Executive Officer of Soluna, John Belizaire. Soluna is currently constructing a huge wind power generating plant in Morocco. This energy will be largely consumed by the Soluna miners, and the remaining bit will be directed to the electricity grid of the country. Belizaire added that BTC is currently at the center of the oncoming great infrastructure that has never been witnessed. Venturing into places that boasts of great renewable energy sites will become so easy. As a result of that, the image of the whole industry will definitely change.
Rivers It Is, Not Coal
There is also another widespread perception in the crypto market. The notion that BTC is largely mined with unclean Chinese oil is not a fact. Coinshares research department that is headed by Chris Bendiksen has begun researching on the major areas and sourced for crypto mining. Most miners are situated in regions with mountains and big rivers. The regions also have huge share of the renewable energy in the general mix of energy. According to Coinshares, 48% of the entire international mining occur in Sichuan, a Chinese province.