2.1. Industry Overview
BACKGROUND
2.1.1. Global Energy Transformation
Over the past decade, we have witnessed a rapid transition to renewable energy. These measures are the result of a global search for carbon-free solutions to weaken the effects of increasing climate change. There are various routes to mitigate climate change, but more than two-thirds of global greenhouse gas emissions come from energy production and use An urgent concern is now in our energy sector. Our dependence on fossil fuels also contributes to pollution, which adversely affects the livelihood and health of people in many parts of the world. Fortunately, our shared goal of limiting climate change is becoming more possible than ever, with cost reductions and wise policymaking driving the global trend toward renewable energy.
2.1.2. Expansion of Clean Energy
The expansion of clean energy is also expected to exceed $778 billion (USD) in the global renewable energy market in 2019. By the end of 2017, 179 countries had already set targets at national and state/province levels, with 57 countries targeting 100% renewable electricity. As more countries contribute to the progress of the global energy market, renewable energy is expected to account for more than 85% of the total energy sector by 2050.
Energy consumption form mining
Bitcoin is a cryptocurrency system that consumes a lot of energy. Miners use dedicated hardware to validate transactions and create new tokens. Software in these hardware becomes more complex as more people flow in and consumes more electricity.
The New York Times identified 34 Bitcoin mining sites in the United States that consume more than 40 megawatts (MW). One of these alone uses more than 30,000 times more electricity than the average U.S. household. Rockdale, Texas, the largest bitcoin mining facility in the U.S., consumes electricity equivalent to 300,000 households in nearby areas.
Pollution from Bitcoin mining is equivalent to the same amount of emissions emitted by 3.5 million vehicles a year. It also accounts for about 85% of pollution from coal and gas power plants.
2.1.3. The Supply Of Electric Vehicles
Energy conversion is further accelerated by the consumer sector, as the mass adoption of electric vehicles and other eco-friendly fuel transportation creates additional demand for renewable energy. Therefore, the transition to a clean energy cycle provides real economic, social, and environmental benefits. Investment in renewable energy also leads to more job creation, cleaner cities, and the well-being of all citizens of the world, and the realization of a sustainable energy future is approaching in our hands.
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