Although 2022 is a challenging year for Bitcoin and industry cryptocurrency in general, but the mining industry continues to grow. The following trends (trends) will show how the mining industry Bitcoin is still building on past knowledge and experience and preparing for an expanded future.
1. Renewable Energy
That might be the biggest buzz about mining Bitcoin current: energy use. Mining rigs use electricity to power and large-scale mining operations are running thousands of miners at the same time. As we all know the mining process will use 110 terawatt-hours of energy per year – the equivalent of a small country's energy production.
One of the major trends we are seeing in mining Bitcoin today is turning to more renewable energy sources instead of carbon-based energy. Many people think that energy sources such as coal are cheaper than that. Since 90% hydro, wind 75% and solar 40% are still cheaper than coal. Increased use of renewable energy will benefit in the long run, both for industry and for the environment. That is why in the short term, even if profits are very high, operators should actively consider their power supply.
The good news is that mining operations Bitcoin has turned to more renewable resources. The Bitcoin Mining Council estimates that worldwide, the sustainable electricity mix of the Bitcoin mining industry is 58.4% – an increase of 59% compared to 2021. This percentage makes it “one of the industry’s biggest”. most sustainable industry in the world”.
Of course, there is still much work to be done to ensure that Bitcoin mining has a sustainable future ahead. But the data showed that it was on the right track.
2. Liquid immersion cooling
Imagine a room with thousands of miners running at full capacity and imagine how much heat they generate. Mining operations always have to be prepared in many ways to keep data centers cool. Therefore, liquid immersion cooling is an emerging trend.
Liquid immersion cooling involves placing the mining rigs in an oil-like liquid reservoir, which is then circulated through cooling towers to remove heat. This method ensures valuable mining equipment is not exposed to outside air, as dust or moisture can degrade the hardware. Liquid immersion cooling also reduces operating costs by up to 33% .
3. Missing chips
The chip shortage is creating a major global supply-demand crisis today. Demand for semiconductor chips has grown by 17% since 2019 for use in cars, phones and tablets, home healthcare, AI, etc – and for mining rigs. However, the supply has not yet increased to meet that demand, despite the fact that semiconductor manufacturers are producing with 90% capacity.
When a new batch of chips is produced, they are distributed to the companies that need them most – or the most influential people in the market, which are not usually mining manufacturers. Certain on-demand chips can cause companies to wait up to a year to receive supplies.
What is the impact on mining? This means making short-term decisions is not a good option right now. Since mining rig manufacturers are backlog and unable to fulfill orders in time, miners must plan a year or so in advance for their operations through a solid model of the system. eco-mining, order early and wait.
The US Department of Commerce concluded that: “The major bottleneck appears to be wafer production capacity, which requires a more permanent solution.” Experts predict that until that "long-term solution" emerges, this chip shortage is likely to continue into 2023.
Altogether, these trends point to a few important things happening in the Bitcoin mining industry. On top of that, these trends show that Bitcoin mining has become a nimble industry and despite the current challenges of the market, mining is trending in the right direction.