Bitmain, a leading company in the manufacture of Bitcoin and cryptocurrency mining equipment, donated a total of USD 1 million to the Hong Kong Polytechnic University, with the aim of advancing projects that reveal the “underlying benefits” of mining. Bitcoin, projecting towards zero emission mining and renewable energy.
The ad was published by the company on August 12 from the main portal, detailing the 4 pillars on which the investigation will be structured.
The first of these will be to detect what are the real levels of contamination from bitcoin mining. This by measuring what is known as the carbon footprint produced by the industry.
The second study will focus on how Bitcoin is driving the use of renewable energy for miningthis towards the goal “100% green mining” with 0 emissions, which Bitmain proposes.
The third investigation will be based on how Bitcoin is optimizing power generation processes (Smart energy). More and more governments and companies have more and new technologies for the generation of electricity for Bitcoin mining, and how the benefits of this industry are driving this sector.
Finally, a sustainability study will be carried out. On how companies within the Bitcoin realm have committed to reaching Zero Emissions goalpromoted by the United Nations (UN) for the year 2050.
Pollution from Bitcoin mining between comings and goings
There have been several studies that have placed the position of Bitcoin mining on both sides of the scale. An investigation under the name “Bitcoin Net Zero” pointed out that Bitcoin does not represent any kind of threat to the ecosystemand that the electricity consumption of its network is very low compared to other industries.
On the other hand, studies by the Environmental Protection Agency (EPA) yielded “disturbing” results on pollution levels that Bitcoin mining produces.
However, although it seems to be still under investigation, some politicians, critics of Bitcoin, have taken the position of “executioners” saying that Bitcoin is a high source of contamination; demanding more regulations. But in their speeches they ignore other industries, such as banking, which studies have shown consumes much more energy than the Bitcoin network.