Crypto Miners Discuss the Future of the Growing Industry in Crypto Mining

Bitcoin mining is often criticized as an imperfect process for energy consumption, due to this large industrial companies are seeking to maximize efficiency and sustainability while seeking regulatory clarity.

At the FTX and SALT Crypto Bahamas event, some of the world's largest crypto miners took the stage of the panel "Crypto Mining: Maximizing Efficiency and Sustainability" to discuss the future of early growth industries.

Marco Streng, CEO, and co-founder of Genesis Digital Assets said at the event that the crypto miners are looking to improve their market through efforts from improving hash rate efficiency, which is the amount of power that a machine requires to produce a bitcoin to data mining centers becoming more specialized and optimized for lower energy consumption. 

By 2021, about 65% of the energy produced and used in the United States will be wasted, according to a table from the Lawrence Livermore National Laboratory, a research facility funded by the U.S. Department of Energy and UC Berkeley.

Brian Brooks, CEO of Bitfury, said that the amount of energy required for Bitcoin to produce $1 billion worth is significantly less than the amount of energy required for something like an airline to produce $1 billion worth of value.