- 11 years have surpassed since the prediction was done.
- Bitcoin mining is dominated by a handful of large companies.
- We’ve seen a dramatic shift in the bitcoin mining landscape.
In 2011, a Reddit user made a post on the bitcoin subreddit that accurately predicted the future of bitcoin mining and renewable energy. In his post, the user argued that as bitcoin mining difficulty increased, miners would eventually turn to alternative energy sources such as solar and wind power.
He also predicted that the mining industry would consolidate into a few large players who could afford to invest in renewable energy. As it turns out, the prediction was spot on.
Today, bitcoin mining is dominated by a handful of large companies that have invested heavily in renewable energy. In fact, some estimates suggest that 75% of all bitcoin mining is powered by renewable energy. This is a remarkable achievement given that just a few years ago, bitcoin mining was largely powered by coal-fired power plants.
In the past few years, we’ve seen a dramatic shift in the bitcoin mining landscape. A growing number of miners are now using renewable energy to power their operations. Additionally, as the prediction stated, the industry has consolidated into a handful of large players.
This is good news for the industry as more and more miners switch to renewable energy, we’ll see a reduction in bitcoin’s carbon footprint. This is a critical step in making bitcoin more sustainable in the long term. There’s however still work to be done, but the progress made so far is very encouraging. With continued investment in renewable energy, we can ensure that bitcoin mining is increasingly powered by clean energy sources.
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