Bitcoin miners as energy buyers, explained
Bitcoin miners are increasingly becoming energy buyers, as they use a lot of energy to power their mining operations. They purchase electricity from both conventional and renewable energy sources or establish their own renewable energy facilities.
Renewable energy sources can provide a more reliable power supply, support job growth and economic expansion in rural areas, and contribute to the development of renewable energy plants. However, Bitcoin mining can also increase carbon emissions if fossil fuels are primarily used to produce electricity. To make use of extra energy that would otherwise be wasted, miners may choose to locate their mining operations next to existing renewable energy facilities, such as hydroelectric dams or geothermal plants.
While a sizable fraction of Bitcoin mining currently uses non-renewable energy sources, there is a growing tendency among miners to power their operations with renewable energy sources, as it becomes more affordable.
