eToro’s senior market analyst and cryptocurrency bull Mati Greenspan suggested that Bitcoin mining was not as energy intensive as its opponents branded it to be. He added that BTC mining was done using electricity that would’ve otherwise gone to waste.
In a March 30 tweet, the analyst stated that the top cryptocurrency in the market was being mined using electricity that was “super cheap”. He added that this electricity would’ve been wasted if not used for mining.
His tweet read:
Much of the time Bitcoin mining happens with super cheap electricity, in many cases utilizing energy that would have otherwise gone to waste.
Here’s an excellent example…”
Greenspan, in his tweet, shared an article detailing the convergence of the Canadian oil industry and Bitcoin mining. Operators of a Canadian oil field have been using the “wasted natural gas” that arises from the mining of petroleum to mine the top-cryptocurrency.
Natural Gas is a prevalent by-product of mining petroleum, however, given its little use and dropping price in global markets, oil field owners usually set the gas free rather than sell it.
The Wall Street Journal, in a report about the same, stated that Bitcoin mining could “monetize energy through the internet” in reference to the use of the wasted natural gas for the production of Bitcoin. Stephen Barbour was the man behind this effective utilization of natural gas and spearheaded the project while being on a consultancy role with oil companies. He described this process as “unbelievable”.
Speaking to WSJ, Ryan Wartman, the production foreman for the Canadian mining field and now BTC miners, Black Pearl Resources, stated that gas output was also reduced by redirecting the natural gas to Bitcoin mining operations.
“We’re using it to bring ourselves below the government-regulated amount that we can vent on location and keep producing oil.”
Some miners are going even further, dropping the traditional sources of electricity like oil and gas for more renewable options. Christian Ander, the founder of BTCX, stated that his mining expenditure declined by over 75 percent when he switched to solar energy, leading many other miners to do the same.
Greenspan was not only buoyant about the prospects of cheaper Bitcoin mining, but also an imminent altcoin bullish wave. Despite hailing Bitcoin as the “king” of the cryptocurrency market, 2019 would be the year of altcoins, said the eToro analyst.
Additionally, Greenspan’s bold prediction was substantiated by market conditions, given Bitcoin’s dropping dominance. Since December 2018, when the crypto-winter was at its peak, the coin market’s share of the top coin has been slumping and currently hovers just above the majority, holding 50.1 percent of the market.
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