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Bitcoin Miners Focus on Efficiency and Renewable Energy at World Digital Mining Summit

On the occasion of September 22 World Digital Mining Summit of Hong Kong, Bitmain introduced its new generation miners, Antminer S21 and S21 Hydro ASICIt reveals the performance statistics that the entire industry expects. S21’s hashrate is 200 TH/s and its efficiency is 17.5 J/T.During S21 Hydro hashrate is 335 TH/s and 16 J/TThis is a remarkable figure considering that until recently most Bitcoin ASICs operated above the 20 J/T level.

With electricity costs continuing to rise year over year and Bitcoin halving planned for April 2024, ASIC efficiency is quickly becoming a primary focus for miners and Many are moving towards using renewable energy sources as a key component of their operations.

Bitcoin miners focus on efficiency and renewable energy

Sustainable development in the mining sector was the central theme of many of the panels at WDMS, and team members at the opening roundtable Terrawulf, Core Scientific, CleanSpark And Iris Energy shared their perspectives on how to move forward Integration of renewable energy sources will become a critical strategy to implementFollowing the Bitcoin halving, which is scheduled for April 2024 for many miners.

Bitmain World Digital Mining Summit. Source: Cointelegraph

Second Nazar KhanCOO of Terrawulf,

“There’s a significant shift happening on the supply side of the manufacturing process, there’s a concerted effort to decarbonise the entire supply stack, and so when we talk about Bitcoin miners consuming more sustainable energy, that’s a much broader theme that’s developing. Even without Bitcoin mining, the role we play in the United States is to locate our Bitcoin mining facilities where this is happening and facilitate the decarbonization process.

One of the effects of the upcoming supply halving is that miners will have to maintain the same capital and operating costs as well as the need to repay any revolving debt. Although we have seen the distribution of block rewards essentially halved.

Miners will therefore need to increase the percentage of hashrate coming from sustainable energy sources or make changes to the efficiency of their ASIC fleets to maintain or increase profitability.

About the launch of Antminer XP 21 and its potential impact on the mining industry, founder of BMC Justin Kramer said:

“The S21, if it is reliable, affordable and easily available, and yes, that’s a lot considering Bitmain’s track record, could revolutionize the crypto mining space with its efficiency. Essentially, it packs the power of two S19 miners (100T) into a single unit. However, , the burgeoning aftermarket firmware market, along with hydro/immersion systems, is giving miners more tools to keep even older generation miners like the S19 profitable, so while the S21 represents a notable advancement, it may not be under 110 TH/s miners are completely obsolete.”

When asked about the most interesting aspects of the new S19 XP, Kramer replied:

“I like that Bitmain is rewarding environmentally friendly mining companies with better pricing and cutting-edge delivery with its new Carbon Neutral Certification. But I must add that I was a little surprised to realize that both new S21 models offer 33% more hashrate (S21 200T, S19j XP’s 151T versus S21 Hydro’s 335T versus S19 Adjusting a few other things results in a modest increase in hashrate and a brand new miner.”

Bitcoin is on its way to becoming an ESG asset

One of the themes in recent years has been the rise of BTC miners and supporters Those who oppose the claim that Bitcoin mining is harmful to the environment and that the sector’s dependence on carbon-based energy production is accelerating emissions.

To counter this thesis, Haitian Lua professor of accounting and finance at the Sustaintech Foundation in Hong Kong, publicly announced:

“Bitcoin mining is enabling the adoption of renewable energy in many sectors.”

Lu explained this “Over the years, Bitcoin mining has become more efficient and has also begun to use cleaner energy. History teaches us that the development of man from an agricultural society to industrialization and the future of the digital economy goes hand in hand with an increase in per capita energy consumption. It is the human being that makes the difference.” is the ability to use renewable energy and thus achieve sustainable development.”

Similar to perspectives shared by other speakers, Lu said that Bitcoin miners’ participation in agreements with electricity producers and distributors leads to energy grid efficiency and “It provides an economic incentive for the promotion of renewable energy and the development of renewable energy projects.”

In addition to making use of unused energy, Bitcoin mining encourages the development of renewable energy projects and helps balance power gridsEfficiency advances of new generation ASICs such as Antminer S21, It reduces miners’ energy consumption and allows them to increase their profits.

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