MODERN INVESTMENT PROCESS OF THE MINE AS A KEY TO PRESERVING THE ENVIRONMENT

Abstract

Introduction. The study stated that the average electricity consumption of the Bitcoin network can be compared with the needs of entire countries. The University of Cambridge puts the figure at 97 terawatts per year. About the same amount of energy is consumed annually by Kazakhstan or the Netherlands. For comparison: just a year ago, the mark exceeded 73 terawatts annually. It is difficult for experts to accurately estimate the carbon footprint of Bitcoin mining, but cryptocurrency mining is seriously damaging to the environment. mining equipment uses a significant amount of electricity, the amount of which depends on the complexity of creating new blocks of information. In the future, such activity affects the environment due to the fact that a significant share of electricity is generated at thermal power plants, which are characterized by CO2 emissions. Therefore, the idea of green mining has recently become widespread in the world. Purpose is to identify the volumes of electricity consumption and analyze mining approaches using various energy sources aimed at preserving the environment. Results. At the moment, the only way to reduce environmental damage from cryptocurrency mining is to use alternative electricity: wind energy (windmills); geothermal energy; solar energy (solar panels); hydropower (hydroelectric power station). Hydromining is considered a separate method of coin production. The world experience of Iceland Since 2018, one of the most famous mining farms, Genesis Mining Enigma, has been operating. The platform runs exclusively on geothermal energy. In 2020, Iceland was at risk of facing a shortage of electricity due to the growing number of miners in the country. Data centers used more electricity than the people of the country. The low cost of electricity, the environmental friendliness of its production and the cold climate attract more and more "miners" to the country. To solve the problem, the startup Moonlite Project decided to open a representative office in Iceland. The company has developed a system of "smart" consumption of electricity based on artificial intelligence. Moonlite plans to operate on energy from renewable sources: hydro, wind and geothermal. Conclusion. Promising "Green" mining is becoming an increasingly achievable future direction of blockchain industry development. Energy consumption for the needs of farms will only increase, which means that people will need more diverse sources of energy. Miners primarily seek to survive in conditions of high competition in order to find the cheapest energy. It so happened that the cheapest way to get energy on the planet is through renewable energy sources.