Major firms in the industry are trying to maximize efficiency and sustainable practices while seeking regulatory clarity, despite the fact that it is often criticized as an imperfect process.
In a dimly lit room at the FTX and SALT's Crypto Bahamas event, some of the largest crypt miners in the world took the stage to discuss the future of the industry.
Marco Streng, CEO and co-founder of Genesis Digital Assets, said that the market for cryptocurrencies is looking to improve through efforts such as improving the amount of power that a machine requires to produce a coin.
According to a report by the Bitcoin Mining Council, computers that mine the digital currency are 58 times more efficient than they were eight years ago. In addition to machines becoming more efficient, the engineering of the facilities and the sources of power have become much more efficient, which improves the productivity of an individual bitcoin mining computer, according to Mike Levitt, co-chairman, co-founder, and CEO of Core Scientific.
Streng said that some miners are using excess heat and converting it into heat-generated energy, which would otherwise be wasted.
Streng said that it is clear that miners are moving toward renewable sources.
According to a chart by Lawrence Livermore National Laboratory, the majority of the energy that is generated and used in the U.S. is wasted.
Streng said that miners can be a solution to unconsumed energy.
The CEO of Hut 8 agreed.
By working together with a local power grid, we are stabilizers.
The amount of energy that it takes for an airline to produce $1 billion worth of value is more than the amount of energy that it takes for a currency to do the same.
Panelists said that the lack of regulatory clarity is hurting the industry.
The pace of innovation should increase once we know the rules of the game.
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