Bitcoin is most profitable when using cheap electricity. Electricity with a carbon footprint is rarely cheap enough for profitable mining, unless subsidized.
Bitcoin mining operations are typically located in remote areas that have an abundance of cheap energy, typically hydro, but are too remote for that electricity to be transmitted to distant cities. In other words, the electricity would be wasted otherwise which is why it’s so cheap. This is typical in remote regions of Canada, for example, where a hydro plant may have been developed to provide power for a remote community and its local industry such as an aluminum smelter or saw mill but produces power far in excess of what the grid it feeds can consume. I do not condone developing new hydro plants for the purpose of bitcoin mining.
Iceland is another major bitcoin mining centre. They primarily use geothermal power. The natural cold air is also used for the cooling mining rigs.
In the Ukraine they are moving forward with a plan to set up a massive bitcoin mining facility beside a nuclear power plant that has a massive amount of excess capacity. [https://news.bitcoin.com/ukraine-to-set-up-a-large-scale-crypto-mining-data-center-in-a-nuclear-power-plant/](https://news.bitcoin.com/ukraine-to-set-up-a-large-scale-crypto-mining-data-center-in-a-nuclear-power-plant/) I also do not condone the development of new nuclear plants for such mining, even though the latest generation nuclear plants are extremely safe and efficient with little waste.
Due to supply demand market forces, over time all bitcoin mining operations will naturally gravitate towards such power sources. As the capacity in these cheap and abundant clean energy regions continues to grow, the less cost effective mining operations will become elsewhere. I fully support a massive carbon tax for any mining operations that are not using clean energy. This will drastically speed up the natural migration towards clean and cheap energy regions.
People will argue that most bitcoin mining happens in China where the majority of power is generated by fossil fuels, and this may be true, but China also generates a massive amount of hydro, wind and nuclear power which are far most cost effective than fossil fuel generated power, so the the same market forces still apply to China. The hypocrisy is also palpable in the sense that half of the stuff we all own is made in China and that manufacturing is usually located near cities where the power is more likely to be coal generated, and for every unit of energy consumed by bitcoin mining in China about 100,000 units of energy are used by traditional manufacturing, yet I don’t see anybody lobbying their government for a carbon tariff on Chinese imports. Rather curious that dirty Chinese power only becomes an issue in the context of Bitcoin mining.
Blockchain technologies are trying to replace centralized finance which is a massively inefficient industry that dwarfs crypto in terms of energy consumption and that energy is far less likely to be clean. This is energy being consumed in areas where electricity is high demand, like cities.
Ask yourself who has the most to lose from blockchain decentralized finance replacing our current archaic centralized finance system? Then ask yourself who is paying for this smear campaign against bitcoin? Blockchain DeFi is a major threat to Wall Street and the global financial elites. Remember the 1% we’re all supposed to be trying to overthrow? Well, they are constantly looking for ways to take down bitcoin and this is their latest attempt. Turn it into an environmental issue. Get environmentalists and SJWs to take down bitcoin on their behalf. Oh the irony. The energy consumption anti-bitcoin narrative is full of misinformation and spin. If you have been manipulated into pushing this narrative on behalf of the global financial elite, you are helping them and hurting those trying to overthrow them.