Bitmain has introduced its Antminer S21, primarily focused on increased efficiency, at the World Digital Mining Summit (WDMS). Through this tool, Bitcoin miners plan to enhance their productivity utilizing green energy resources.
The majority of discussions at the WDMS revolved around sustainable mining practices. Key speakers from various organizations, including Terrawulf, Core Scientific, CleanSpark, and Iris Energy, highlighted the significant role of renewable energy sources for miners, particularly in the wake of the predicted Bitcoin supply halving in April 2024.
The upcoming halving event will impact miners by reducing block reward distribution, while capital, operational expenses, and repayment deadlines remain constant. To retain or increase profitability, miners may need to increase the proportion of their hash rate derived from sustainable energy or adjust the efficiency of their Application-Specific Integrated Circuit (ASIC) fleet.
BMC founder Justin Kramer expressed optimism about the Antminer XP 21’s impact on the mining industry’s landscape if it proves reliable, affordable, and readily available. He appreciated that Bitmain seems to be incentivizing environmentally friendly mining farms with competitive pricing and early delivery of their new Carbon Neutral Certificate.
A trend within the past few years has been the pushback against the perception that Bitcoin mining adversely impacts the environment and increases carbon emissions. Haitian Lu, a Professor in Accounting and Finance at the Hong Kong Sustaintech Foundation, contradicted this by pointing out that Bitcoin mining promotes renewable energy adoption.
Lu further explained that Bitcoin mining has become more efficient and is increasingly utilizing cleaner energy. He emphasized human beings’ growing capacity to use renewable energy in the digitalized economy and how it aids sustainable development. Lu concluded by saying that Bitcoin miners’ participation in demand-response agreements with power suppliers improves energy grid efficiency and supports the development of renewable energy projects.