Crypto Mining gets Greener, Faster After Elon Musk Criticism

Crypto Mining gets Greener, Faster After Elon Musk Criticism
  • Crypto mining is now cheaper, faster, and less energy-consuming than 8 months ago.
  • Elon Musk trigged a crypto market slump after criticizing Bitcoin mining in May.
  • Also, EV Battery Technology recently launched an emission-free mining solution.

In less than 8 months after triggering a huge market collapse, crypto mining has metamorphized as faster and greener. This is according to a study of several leading crypto mining companies like EV Battery Technology, Riot Blockchain, BIT Digital, and Bitfarms to name a few miners.

Earlier this year, Tesla CEO, billionaire and Time person of the year, Elon Musk, criticized cryptocurrency for its energy waste. Musk specifically cited energy concerns for Tesla dropping Bitcoin as a payment method.

At the same time, the Chinese government banned crypto mining leading to massive mining shutdowns. The combined negativity and FUD (fear, uncertainty, doubt) led to a massive crypto market crash that saw Bitcoin prices plunging to less than 50%.

EV Battery Technology acquired large-scale mining company Optimal CP Inc and is now in the process of developing infrastructure to power over 1,000 ASIC miners in Canada. In addition, EV Battery Tech recently launched -Daymak Solar Tree, the first commercial emission-free cryptocurrency mining solution.

Texas-based Riot Blockchain owns a 300MW mining operation. Notably, Riot is taking part in the state’s “controllable load resource” program. The program allows the power grid operator to reduce or increase participants’ energy use as needed. By the end of September, Riot had increased its hash rate to 2.8 EH per second.

Riot also expects to raise its hash capacity to 8.6 EH/s by the end of 2022. Notably, Riot is taking part in the state’s “controllable load resource” program. The program allows the power grid operator to reduce or increase participants’ energy use as needed. By the end of September, Riot had increased its hash rate to 2.8 EH per second. Riot also expects to raise its hash capacity to 8.6 EH/s by the end of 2022.

Similarly, popular mining operation Bitfarms raised its mining production by almost 40% while reducing production costs by 23%. Bitfarms is predicting an 8EH/s by December 2022.

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