Mexico-based Northern Minerals and Exploration Limited (NMEX), a thriving publicly-traded company, announced today that it will soon kick start Bitcoin mining powered by a natural gas system.
According to the announcement, the company will take advantage of available resources found in natural gas vapor as a cheaper alternative to generate energy. Given that the process involves harnessing renewable energy, their approach to Bitcoin mining will further increase the growing percentage of the network hashrate that is environment-friendly.
Ahead of its commencement of Bitcoin mining, NMEX had earlier in June hired Ricardo Esparza. Esparza worked with the office of the Environmental Defense Fund (EDF) and will bring his experience as a seasoned researcher and econometric analyst as an extra boost to the NMEX’s mining operations.
Mining Bitcoin requires the use of special computers to guarantee that bitcoin transactions are verified and new bitcoins are discharged into the market for circulation. Over time, Bitcoin mining has been a complex process that requires miners to keep adding blocks to the blockchain where bitcoin transactions are recorded.
The industry around Bitcoin mining has come under pressure in recent times from critics who argue against the volume of energy required to maintain the network, and whether it is not potentially harmful to the environment. These concerns have intensified, especially as Bitcoin is approaching mass adoption.
However, based on data recently shared by the newly-formed Bitcoin Mining Council, a healthy fraction of mining energy usage comes from renewable energy sources, making it one of the most efficient industries in terms of renewable energy adoption.
Given that renewable energy sources are cheaper, Bitcoin miners are incentivized to move to areas where they can access it, and thus maximize their profit.
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