Mining cryptocurrencies is intensely energy consuming. The use of energy intensive computers keeps creating problems for the miners as it has adverse effects on the environment and also pokes their finances in terms of high electricity bills. Because of the environmental effects, crypto mining has been banned from some countries such as China, Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia and Bangladesh. Though, some of the bans are due to domestic currency concerns. So how do miners regulate activities that result in carbonization of the ecosystem? My little research came up with the following recommendations.
Miners should be incentivised to operate in locations with the cheapest and most accessible energy is available.
Use of environmental friendly sources of energy such as solar and wind energies. This one seems difficult for third-world countries.
Crypto halvings could also accelerate green energy adoption among miners.
What do you think?