Cryptocurrency (Bitcoin, Ethereum, and many others) have a method of sustainability: it's called Cryptomining. Cryptocurrency mining is the way that transactions (both sending & receiving) are verified and completed. However, due to the amount of electricity required to mine Bitcoin, many people have found that mining ends up consuming more resources to mine than it generates back in revenue - thus, mining at a loss. However, a new method to producing energy at a low-cost for cryptocurrency mining is here: burning tires.
A brief explanation by Motherboard of how the process works can be seen here:
Basically, they take used tires and heat them to a precise temperature, resulting in components like steel (from belted tires), carbon black, and a burnable fuel. That fuel is the energy source driving turbines to make electricity, which powers an onsite cryptocurrency mining farm. Taking advantage of an underutilized electricity source to run computers isn't groundbreaking, but the unusual set-up shows that cryptocurrency mining is now profitable enough to justify finding quite unconventional sources of cheap or new energy generation.
Not only is this an efficient way of producing extra energy to power crypto mining machines, it's also better for the environment. The United States Environmental Protection Agency has stated the following regarding the recycling of tires:
Using scrap tires is not recycling, but is considered a beneficial use — it is better to recover the energy from a tire rather than landfill it.
Disposal of scrap tires in tire piles is not an acceptable management practice because of the risks posed by tire fires, and because tire piles can provide habitats for disease vectors, such as mosquitoes.
In a newly created partnership, PRTI, a company dedicated to the reduction of tire waste, will work with Standard American Mining, to burn tires into usable energy for cryptocurrency mining. It's both cost effective and healthy, and an exciting implementation to come about in the booming cryptocurrency market. No doubt cryptocurrency will continue to surge in popularity in the future, and will require massive amounts of energy to power its usage, as it's purely digital.
Exciting times are ahead for Cryptocurrency. Stay tuned to ModMy for news about the latest crypto trends.